Minimal agency consensus scheme preserves decentralisation in a high performance distributed ledger
Fetch.AI today announces a technical breakthrough on the challenge of the ‘blockchain trilemma’, with a new approach to consensus. The consensus uses a Proof-of-Stake (PoS) scheme that achieves strict transaction ordering, fast confirmation times and improved security compared to existing platforms.
The novel approach to achieving consensus includes the following innovations:
Jonathan Ward, head of research at Fetch.AI commented: “Blockchain technologists have long understood the ‘trilemma challenge’ of achieving the correct balance of security, decentralisation and scalability. Our new approach to achieving consensus makes use of a decentralised random beacon, which in turn allows us to harness a truly decentralised DAG and deterministic transaction ordering for the first time. This means we can scale beyond today’s existing systems without compromising significantly on security or decentralisation”
Ward continued: “This is a landmark achievement in the development of our technology. It’s going to be exciting to see the consensus implemented on our scalable ledger, which is capable of synchronising 30,000 transactions per second on a single shard.”
Humayun Sheikh, CEO, Fetch.AI added: “Any consensus mechanism needs to be specific for the purpose of its distributed ledger. Fetch.AI’s ledger underpins deployment of ‘multi-agent systems’ where AI agents undertake large numbers of low value transactions (e.g. trading data from a sensor). We believe our new consensus mechanism makes a significant contribution to blockchain infrastructure, making DLT fit for purpose in high performance use cases.”
Fetch.AI is based in Cambridge, UK with development talent across the globe. Fetch.AI enables the deployment of complex multi-agent systems (MAS) over a decentralised network and provides tools to enable the construction of intelligent agents. Fetch.AI delivers a unique, decentralised digital world that adapts in real-time to enable effective, friction-free value exchange. Powered by innovations such as the Smart Ledger, Fetch.AI has digital intelligence at its heart: delivering actionable predictions, instant trust information and enabling the construction of powerful collaborative models. With unrivalled performance and scalability, Fetch.AI is the missing critical infrastructure for tomorrow’s digital economy.