What is Delegated Byzantine Fault Tolerance (dBFT) consensus algorithm ?

Delegated Byzantine Fault Tolerance (dBFT) is a consensus algorithm developed by the NEO project that is used to reach consensus among nodes in a distributed network.

It is based on the classic Byzantine Fault Tolerance (BFT) algorithm, but with some modifications to make it more suitable for blockchain networks. The dBFT algorithm works by having a group of nodes, called bookkeepers, that are responsible for validating transactions and reaching consensus. The bookkeepers are elected by NEO holders through a voting process and they are incentivized to act honestly and validate transactions correctly.

When a transaction is proposed, the bookkeepers will validate it and come to an agreement on whether it should be accepted or rejected. If more than two-thirds of the bookkeepers agree that the transaction should be accepted, then it will be added to the blockchain. If less than two-thirds of the bookkeepers agree, then the transaction will be rejected.

This ensures that malicious actors cannot manipulate or control the network as long as there are enough honest bookkeepers in place. The dBFT algorithm also allows for faster block times than other consensus algorithms such as Proof-of-Work (PoW). This makes it ideal for applications that require fast confirmation times such as payments or trading platforms.

Additionally, since there is no mining involved in dBFT, it is much more energy efficient than PoW algorithms. Overall, Delegated Byzantine Fault Tolerance (dBFT) is an efficient and secure consensus algorithm developed by NEO that can be used to reach agreement among nodes in a distributed network quickly and securely.