We take the speed, security and environmental impact of our blockchain seriously. That is why we’ve adopted a consensus algorithm that achieves all these things.
Melechain works on a delegated proof-of-stake (DPoS) consensus mechanism instead of a proof-of-work (PoW) algorithm, which requires time-consuming and energy-guzzling problem solving to secure transactions.
DPoS works like a company board of directors, where members validate and provide consensus for a transaction based on the user’s stake in the currency. The more you stake, the greater validation. This system requires validators from within the community.
This approach is much faster and uses a great deal less energy than PoW.
What are validators?
A validator is in charge of validating transactions and committing new blocks to the blockchain. Validators provide cryptographic signatures, which act as votes, in order to extend the blockchain.
What are delegators?
A delegator is someone who wants to delegate some of their stake to a validator of their choice. This is done to boost the voting power of that validator in order to earn a portion of the block reward.
The core Melechain blockchain network is made up of two main components:
- Blockchain Daemon Software
- Blockchain Command Line Interface (CLI)
The Blockchain Daemon is the software that enables the blockchain to exist. Multiple nodes running in the same software help achieve consensus in a distributed and verifiable way.
Blockchain Command Line Interface (CLI)
The blockchain CLI is used by developers and node operators to interact with the blockchain. All other consumer-facing applications use the Melechain SDK (see The Melechain library).
The Melechain library
The Melechain software development kit (SDK) is a library that can be installed in any project. It includes methods for communicating with the core blockchain. The Melechain SDK is used by developers to interact with the Melechain blockchain. The Melechain SDK integrates the Melechain blockchain with client-facing applications, allowing it to build further applications where needed.
The Melechain SDK will import all transaction types and provide an interface for creating payloads and signing each and every transaction from the blockchain core. Apart from crafting, signing and relaying transactions, the Melechain SDK will have blockchain querying capabilities. It will also support basic cryptographic wallet-related functions. In that sense, the Melechain SDK will provide the same functionality as the CLI tool but tailored for an application environment.
For proper user access and auditing, every blockchain needs the following apps:
- Block explorer.
This is a mobile or desktop wallet that allows you to store and manage your coins on the Melechain blockchain. It uses the Melechain SDK, removing the need to communicate directly with the blockchain.
This user-facing app allows the blockchain to be publicly audited.