Transaction latency denotes the time delay between the initiation of a transaction and its final confirmation or settlement on a network. In blockchain systems, this encompasses the period required for a transaction to be broadcast, validated by nodes, and included in a block. High transaction latency can impede the usability of applications requiring rapid interactions, such as decentralized exchanges or payment systems. Minimizing latency is a key objective for improving network performance and user experience.
Context
Transaction latency is a critical performance metric frequently discussed in relation to blockchain scalability and user experience. Efforts to reduce latency are central to the development of faster and more efficient networks, with layer-2 solutions and alternative consensus mechanisms being primary areas of focus. The ongoing debate centers on achieving low latency without compromising the security and decentralization principles of blockchain technology.
This research introduces a novel voting-based consensus mechanism tailored for consortium blockchains, addressing performance limitations in decentralized applications.
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