The Consensus Mechanism within Clover Finance
24 November 2021 - 08:58PM
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If you are curious about Clover Finance, you are not alone! Now
listed on Coinbase, Clover Finance is no longer just a new player
in the space, it’s a leading name in the DeFi space. In fact,
Clover Finance is leading the interoperability phase for
decentralized finance, bringing blockchain together to grow not
only the Clover ecosystem, but increase the user-friendliness of
DeFi and crypto as a whole. Here is a breakdown of how this
revolutionary new platform actually works: Clover Finance and its
Consensus Mechanism: First of all, let’s break down blockchain. A
blockchain is a system of recording information in a manner that
makes it extremely difficult to change, hack, or cheat the network.
Essentially the blockchain is a complex, fancy and way cooler
version of a database of transactions. Instead of being stored in
one place, copies of this database are distributed across an entire
network of computers over the internet. They are connected with
each other, but are not run by a central control point. Instead,
they are decentralized and they follow exact rules in working with
each other to keep the blockchain secure, decentralized and
protected from bad actors. They also need an agreed upon way to
deal with a single data value or a single state of the network.
This is known as a consensus mechanism. Polkadot provides scaling
solutions through parachains. Its blockchain framework, Substrate,
is ideal for building bridges between different blockchains so they
can operate together. Clover Finance is a blockchain built on top
of Polkadot with the very purpose of building those bridges in the
world of decentralized finance (DeFi). In Clover, there is a
special kind of consensus mechanism called Nominated Proof-of-Stake
or NPoS. How the Clover Finance Consensus Mechanism Works: Clover
is built on top of Polkadot, giving the ability to build bridges
between different blockchains. Using the standard system of
Polkadot, there are two key members of NPoS: Nominators and
Validators. Validators are the computer nodes acting to provide the
infrastructure and are responsible for the maintenance of the
network. Nominators are token-holders who contribute economically,
by, as you may have guessed, nominating validators of their choice.
The nominators are essentially rewarded when the Validators do
their job to secure the network, along with the Validators. And if
it was found that those Validators misbehaved, the Nominators are
also penalized along with them as well. An In-Depth Look at Clover
Finance: Let us look closer at the inner working of Clover Finance
and its ecosystem: ERC-20: Clover Finance is built using the ERC-20
token standard, which is a coding standard used within the Ethereum
blockchain. This essentially gives the rules and actions that an
Ethereum smart contract or token must follow and steps to be able
to execute it. Cross-Chain: Solana and Polkadot are in the
background of Clover finance. Clover is building bridges between
blockchains, and is fully interoperable with and harnessing the
power of Solana and Polkadot. Interoperability: Clover Finance has
the capability of bridging blockchains together and is working to
connect with and integrate with numerous wallets. The Clover wallet
already supports Ethereum, Polkadot, Kusama, Binance Smart Chain,
Avalanche, Fantom, and Edgeware. The Clover Finance team is working
to continue to expand this regularly. Multiple Swaps. Clover
Finance wallet gives the user the ability to swap cryptocurrencies
in all wallets that are supported. Other wallets can only perform
one swap. Ease of Use. With the Chrome Wallet Extension, you can
literally just log into Clover Wallet via your email address on
Google. This also works on the Brave Browser in the same way. With
the amount of blockchains supported, and the swap features above,
this takes many steps out of a complicated process where one has to
go to an exchange, buy a cryptocurrency, swap, transfer to their
wallet, etc. NFT dApps. Clover is built as the ideal ecosystem to
connect with dApps. The wallet can connect to dApps and
supports holding NFTs. The “Always On” Function. In Basic or
Standard Mode, you can have the “always on” function on.
Essentially, there is a function app running in the background,
preventing the app from being idle, but also saving time when you
go in and want to use it. Social Media Connect with Clover Finance
and learn more across social media and the web here: Website |
Telegram | Discord | Twitter | Github | WhitePaper |
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