BlockDAG ($BDAG)
Blockchain
Industry
PlatfromAbout BlockDAG Project
BlockDAG: Speedy, Secure, and Convenient Blockchain
BlockDAG is a new type of blockchain that operates faster and wiser. It employs a unique structure referred to as a DAG (Directed Acyclic Graph) to improve the strength of the network. This structure allows BlockDAG to address three major issues: how to be fast, secure, and just simultaneously. Through BlockDAG, multiple blocks can be appended simultaneously, meaning the system functions much faster.
Most blockchains append one block at a time. But BlockDAG is not like that. It allows blocks to link to more than one block prior to them.So, the network increases at a quicker pace and still remains secure.BlockDAG likewise employs smart rules (known as PHANTOM and GHOSTDAG) to select proper blocks and prevent bad ones.
BlockDAG employs two methods to process transactions. One is fast and anonymous (referred to as UTXO), and the other accommodates smart contracts and applications (such as Ethereum). This simplifies the process of allowing developers to transition their Ethereum projects to BlockDAG. They can continue using familiar tools such as MetaMask and Hardhat.
The network is designed to be quick. Currently, it processes 10 blocks per second, and soon it will process 30 or more. It can also process up to 15,000 transactions per second. That means users won’t have to wait long, and the fees stay low.
The system runs on a token called BDAG. People use BDAG to pay for things, stake for rewards, and use apps. There are 150 billion BDAG tokens in total, and half go to miners. Over time, fewer tokens will be added, which could make them more valuable.
