Taraxa is an EVM-compatible smart contract platform that employs t-Graph consensus and utilizes a blockDAG (Directed Acyclic Graph) structure to solve real-world problems. Here’s how Taraxa works:
EVM Compatibility
Taraxa is compatible with the Ethereum Virtual Machine, allowing developers to leverage their existing knowledge of Ethereum smart contracts and tools.
t-Graph Consensus
Taraxa uses t-Graph consensus, a consensus algorithm, to validate and agree on transactions within the network.
BlockDAG Structure
Unlike traditional blockchains that use a linear chain of blocks, Taraxa utilizes a blockDAG structure. This structure enables multiple transactions to be confirmed in parallel, enhancing scalability and transaction throughput.
Transaction Jurisdiction
Taraxa implements an algorithm that defines Transaction Jurisdiction for each node when they propose blocks. This minimizes overlap and ensures efficient transaction processing.
Concurrency Engine
Taraxa provides a concurrency engine on top of the virtual machine (VM), allowing hundreds of smart contract calls to be processed in parallel. This enhances the platform's efficiency.
Staking
Users can stake their Taraxa tokens (TARA) to participate in network security and earn rewards, including an annual percentage yield (APY).