The IOTA 2.0 consensus mechanism has been released by IOTA. To address Tangle’s difficulties, which are dynamic and interwoven in nature when it comes to ledger, it has been constructed on the Nakamoto Consensus. The goal is to improve the robustness and adaptability of the consensus model while maintaining the network’s safety and security.
IOTA made the initial announcement, highlighting how Bitcoin has helped the consensus become more well-known.
The updated consensus process is founded on the idea that the longest or heaviest chain is the only one that can be relied upon. Directed Acyclic Graph, also known as DAG, was simultaneously proposed by IOTA. Instead of only representing blocks that are sequentially linked to one another, a DAG displays a more dynamic web of interlinked blocks.
Network outages and hostile actors obtaining access to the network are problems Tangle faces. This can result in various nodes seeing the ledger in different ways. IOTA 2.0 improves on this with a consensus mechanism that is more flexible.
This does not imply that blocks forfeit their ability to use the network. IOTA 2.0 is still successful because of each node’s ability to participate actively in the process. Every newly formed block effectively encodes the opinion on its authenticity and Tangle transactions. Then votes are cast within of validation blocks.
By making sure that each vote is significant to a validator in the committee, the security of the network is guaranteed. This indicates that before affecting the inclusion of consensus flags, the network determines the Approval Weight.
The Nakamoto Consensus is frequently cited as the official embodiment of a key advancement in distributed ledger technology (DLT). IOTA merely continues to develop a more solid consensus architecture that is flexible, secure, and effective.
UTXOs, or Unspent Transaction Output, are responsible for processing and registering transactions. IOTA 2.0 makes use of it to provide benefits including the capacity to track money via block association to travel back in time. Additionally, it aids in resolving disputes by successfully avoiding intricate situations involving double-spending.
IOTA makes use of the Tip Selection Algorithm’s capabilities. This aids IOTA in addressing the issue of nodes referencing each valid block. Each block compensates for the issuer’s viewpoint by spreading over Tangle’s past.
IOTA 2.0 uses slot commitment chains and consensus flags to reach a consensus on the block. Acceptance, Confirmation, and Finalisation are included in this. Both indicate varying degrees of certainty on the accuracy of the block and Tangle’s inclusion of it. The split of the supermajority into total and online is another component. This aids in ensuring that Tangle’s operations are constant.
Last but not least, the Chain Switching Rule is used whenever there are network disturbances that could result in the forking of slot commitment.