ITC ENCYCLOPEDIA

Consensus algorithm

Consensus is the basis for building blockchain trust, which is usually used to deal with issues such as transaction verification/confirmation in a very short time, and is generally implemented through specific mathematical algorithms. For example, IoT Chain uses VRF+PBFT, Bitcoin uses POW (Proof of Work) and Ethereum uses POS (Proof of Stake).

Chain ID

A chain ID is used to realize EIP-55 in order to support checksum address encoding.