Latest revision as of 19:34, 26 June 2020
Serialization of Proof-of-Work Events (SPECTRE) is a consensus algorithm that combines the basic principles of PoW and DAG for a scalable consensus mechanism.
The basic SPECTRE model belongs to the category of partially synchronous networks: its security depends on some limitation on the time of message delivery between participants who are honest, but the protocol itself does not contain certain parameters that depend on these limitations.
To extract a block in this network, you need to specify several parent blocks at once rather than one. Extracting a block that points to parent blocks validates those blocks. Unlike the basic principle of the PoW algorithm, where "always the longest chain wins, SPECTRE uses the principle 'wins blocks with the largest number of 'child' blocks'.
At any bandwidth, SPECTRE is always resistant to attack by attackers, as the network uses up to 50% of its processing power. Conclusion - An attack of 51% is impossible here. SPECTRE can operate at arbitrarily high block creation speeds. This means that its transactions are always confirmed in seconds.
In traditional blockchains, the order between any two transactions must be resolved and agreed upon by all undamaged nodes. In contrast, in SPECTRE there can only be consensus on transactions made by honest users. In the context of the Internet of Money, two conflicting payments that are confirmed at the same time could only be created by a dishonest user, so the network can afford to postpone accepting such transactions without compromising the system's usability. The SPECTRE framework formalizes this weaker set of requirements for a distributed registry.
SPECTRE is not yet working in real networks.