Consensus Algorithm

everiToken uses BFT-DPOS as its consensus algorithm. DPOS is proven to be capable of meeting the performance requirements of applications on-chain. Under this algorithm, those who hold EVT may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.

everiToken enables blocks to be produced every 0.5 seconds, and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain.

The number of block producers for everiToken public chain is dynamic. For the initial year, 15 producers are set. Then the number will be decided on by an on-chain governance committee. For convenience, we will use 15 for the whitepaper.

In everiToken, blocks are produced in rounds of 180 (12 blocks each, multiplied by 15 producers). At the start of each round, 15 unique block producers are chosen by preference of votes cast by EVT holders. The selected producers are scheduled in an order agreed upon by 11 or more producers.

If a producer misses a block and has not produced any block within the last 24 hours, they are removed from consideration until they notify the blockchain of their intention to start producing blocks again. This ensures the network operates smoothly by minimizing the number of blocks missed by not scheduling producers who are proven to be unreliable.

The Byzantine fault tolerance is used to provide extra security and safety for users by requiring all confirmations to be signed by all producers. No producer may sign two blocks with the same timestamp or the same block height. Once 11 producers have signed a block, it is deemed irreversible. Any Byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or block height. Under this model, an irreversible consensus should be reachable within 1 second.