GHOSTDAG: Security and Speed Boost for PHANTOM Protocol
Today, after hours of continuous meetings and considering the core purpose of BlockDAG which is to provide users with maximum security and speed, developers have come to a conclusion that GhostDAG protocol is better in various factor. GhostDAG emerged as an efficient and secure alternative, offering substantial benefits.
Please note this is our first ever dev releases being released, they will become more comprehensive and in detail over the coming days and weeks! Bear with us!
What is GhostDAG?
GhostDAG is a lightweight and efficient greedy algorithm that captures the core principles of PHANTOM. It avoids the computationally expensive aspects of the original protocol, making it much faster to implement.
Key Benefits of GhostDAG
- Faster Confirmations: Transactions are confirmed significantly quicker with GhostDAG compared to traditional blockchains like Bitcoin or Ethereum. This is because GhostDAG allows for concurrent confirmation of multiple blocks, drastically reducing confirmation times.
- Enhanced Security: GhostDAG offers improved scalability while maintaining the robust security features of conventional blockchains. It achieves this through a voting mechanism and a consensus algorithm that considers both recent and historical blocks, ensuring the integrity of the ledger without sacrificing security.
In essence, GhostDAG builds upon the PHANTOM consensus method by introducing a Directed Acyclic Graph (DAG) structure. This structure enables concurrent block confirmation, leading to significant improvements in transaction finality, scalability, and throughput – all while upholding security and stability.
Conclusion
We are confident that GhostDAG represents a major step forward from the PHANTOM protocol. Stay tuned for further updates as we integrate GhostDAG and progress towards a more secure and efficient blockchain network.