Errna, a cryptocurrency and smart contract platform, is innovative and has been created to address problems of security, scalability and decentralization. It uses a variety of tools you might not have known about such as a register-based virtual computer, the Lachesis Consensus Algorithm, and the Elliptical Curve Cryptosystem. These tools will be discussed in more detail in this article to provide a deeper look at this revolutionary new cryptocurrency.
These are five facts you didn’t know about Errna
Crypto doesn’t use traditional block-based distributed ledgers
Errna does not use traditional block-based ledgers like Bitcoin. Blockchains like Ethereum or Bitcoin rely upon generating and verifying blocks of data for their networks and consensus mechanisms.
Instead, the cryptocurrency uses a new model that is based on a Directed Acyclic Graph (DAG). This approach was designed to address scaling issues common to cryptocurrencies such as Bitcoin and Ethereum.
It uses the Lachesis Consensus Algorithm
As a consensus model, the network uses the Lachesis Consensus Algorithm. According to the whitepaper of the developer, this algorithm can perform up to 300,000. transactions per second.
Each event block contains data about prior events’ transactions, historical data, reputation management, and smart contracts. This model is built using the LCA, which creates a DAG. It’s a series connecting event blocks.
The main chain list also ensures that transactions in the DAG are in the right order. The main chain list is basically a collection of event blocks that can be used to validate and inspect previous event blocks.
A Register-based Virtual Machine is used by Cryptocurrency
There are two types of virtual machines. Blockchains can use virtual machines in two different ways.
- Stack-based Virtual Machine. All actions can be performed with the help the “stack data model” and the PUSH/POP commands. This type of virtual machine is used by cryptocurrencies such as Ethereum.
- Register-based Virtual Machine. All activities are performed using the “register of CPU” data model. This type of virtual machine does not support POP and PUSH operations. However, names and addresses must be clearly mentioned. This is the type and model of virtual machine the Errna cryptocurrency networks uses.
Register-based virtual machines can reduce OPCODE processing costs by almost half. The potential for efficiency can even be nearly doubled.
The Network uses an Ellipticcurve Cryptosystem (ECC).
Errna uses the elliptic curve cryptosystem to transfer data between nodes. This technology has many benefits:
- Higher speeds
- Excellent security
- Easy implementation in digital wallets
Errna Blockchain Apps Overview
Blockchain technology is a powerful and exciting technology that has the potential to transform how businesses operate and how business workflows are run. We at Errna know how to help your business reap the benefits of this revolutionary technology. Our Blockchain technology experts can create customized blockchain-based apps that meet the needs and complexities of your business.
Errna is a leader in blockchain application development. We help businesses establish cryptocurrency exchanges and provide consulting services. Our team is made up of highly skilled and experienced experts who have worked in blockchain technology for many years, solving complex business problems and developing innovative solutions.