Consensus Algorithms - Lycan Chain

Lycan is powered by a Delegated Proof-of-Stake and the first of its kind, Proof-of-Bite (Which allows Validators-Alphas to invite Delegators-Betas by burning some LYC) consensus algorithm, that ensures low fees and high-speed transactions.

This briefly means that a person can validate only if he stake’s the required amount of LYC in a smart contract. Delegated Proof of Stake (DPoS) adds an additional element of security as it is less risky in terms of the potential for miners to attack the network, as it structures compensation in a way that makes an attack less advantageous for the miner. This is the most economical and secure way to safeguard the blockchain.

Proof-of-Bite is a uniquely designed mechanism that allows LYC holders to delegate their coins to Validators only if they are bitten by (invited by) the Alpha validator. The Alpha validator will burn his 1000 LYCs to bite a Beta delegator. Beta delegator can delegate his token to only that Alpha validator, who has bitten him. In case the Beta delegator is bitten by multiple Alpha validators then he can delegate his coin to all who have bitten him. Burning 1000 LYC will not only control the number of invites but also will control the LYC supply in the market to maintain the price