What consensus algorithm does Matic network use?
The Polygon Network, which utilizes the Matic token, utilizes the Plasma framework and the More Viable Plasma (MoreVP) consensus algorithm to provide a secure and scalable environment for decentralized applications.
MoreVP is a variation of the Proof-of-Stake (PoS) consensus algorithm, which enables block validation through a hierarchical structure. This structure involves multiple layers of block validators working together to ensure the security and reliability of the network. The use of a hierarchical structure allows for increased transaction throughput and lower transaction fees, while still maintaining the security and decentralization of a PoS blockchain.
Additionally, MoreVP allows for the efficient handling of high-volume transaction traffic, which is essential for dApps that require high-speed and low-cost transactions. This makes it an ideal consensus algorithm for the Polygon Network, which aims to provide a high-performance and low-cost alternative to Ethereum.