Ontorand Consensus Engine (Ontology)
The Ontorand Consensus Engine (OCE) is an advanced distributed ledger technology developed by the blockchain platform, Ontology. It is a consensus algorithm that provides fault tolerance and scalability for decentralized applications built on top of the Ontology network. The OCE is designed to provide high performance transaction throughput while maintaining data integrity and security. The OCE also ensures cross-chain interoperability with other blockchains such as Ethereum and Bitcoin, allowing users to access multiple networks in one place.
The OCE was specifically designed with enterprise applications in mind; it allows large organizations to quickly deploy their own private or consortium chains without having to set up individual nodes in each case. This removes several technical barriers associated with setting up a blockchain system from scratch and makes it more accessible for business users who want to get started quickly. Additionally, the OCE enables developers to build application-specific smart contracts tailored towards specific needs within an organization’s operations which can reduce development time significantly compared to traditional systems where everything needs to be coded from scratch for each new implementation.
One of the unique features of the OCE is its use of Delegated Byzantine Fault Tolerance (dBFT), which combines both Byzantine Fault Tolerance (BFT) algorithms and Proof-of-Stake consensus mechanisms into one unified solution that can scale effectively when dealing with large numbers of transactions at once while still providing strong guarantees against malicious actors attempting double spending attacks or other forms of fraudulence on the network. In addition, by combining these two technologies together, developers are able create powerful smart contracts capable of accurately managing complex interactions between different parties on various levels within an organization automatically via code rather than manual oversight alone – thus reducing overall operational costs while improving efficiency across all areas involved..
Finally, due its ability enable near instantaneous transactions regardless if they are intra-chain or cross chain based transactions this gives businesses greater flexibility when deciding how far they want their products/services reach since there will no longer be any need wait hours or days before funds move from point A -> B like what you would expect normally using traditional banking methods today
