For all involved parties to agree on a transaction or value on a blockchain. The network must reach consensus.
The consensus algorithm used by XODEX is Proof of Competency (PoC)
The first of its kind.
Proof of Competency
Our PoC algorithm is a modified concept of Proof of Stake and Proof of Authority.
Validators are chosen to sign blocks based on their competency factor in contributing to the network.
How is it different?
In a decentralised Proof of Work (PoW) network, the ledger's integrity directly depends on the shared computational power. Or in other words, the network is stronger with more nodes.
In the XODEX network: More nodes are not always a good thing.
Validator nodes also sign blocks; this creates additional overhead and degrades and slows down the network if it's not necessary.
XODEX uses fewer and more competent validator nodes. This is why the XODEX network intelligently selects validators when reaching consensus and keeps the network running the fastest it possible can.
Once enough validators have signed a block. It becomes final and valid on the ledger.
This all contributes to the speed of the network. No additional 'confirmations' are required. It's really fast!