AMEPAY Blockchain And Lancesis-Consensus-Algorithm
AMEPAY’s own blockchain nails down consensus through a set of superlatively designed protocols named the Lachesis Consensus Algorithm (LCA), which is devised to ramp up the security and performance index through DAG-based distributed technology.
LCA is a type of Byzantine Fault Tolerant (BFT) technology, rediscovering the advantages possessed by previous blockchains. The network throughput is surely impressive; it can process over 300,000 transactions per second (for reference, VISA can process 65,000 transactions per second). In addition to that, an algorithm like this ensures low transaction cost thanks to the high throughput and a reliable way of managing your funds. For example, the double spending issue is resolved by being immensely asynchronous. This implies that when two identical transactions are requested, only the earliest of them is validated. Some of the common functions to be expedited by our blockchain are as follows:
- Storage of customer and merchant financial records
- Storage of KYC details
- Customer and merchant private data
- Merchant Inventory details
- Cross-border transaction details total
- Cryptocurrency and fiat currency data
- Tokenization of assets
All of the above functions will be managed by smart contract. This eliminates human error and allows to automate operations on the platform and enhance overall productivity.