Important Features of Distributed Ledger Protocol
Distributed Ledger Protocol is a form of online transaction that is conducted using a global network of computers. The transactions are made between the buyer and the seller and are carried out through digital signatures. The major feature of this transaction pattern is that it uses an open ledger technology for carrying out the transactions. As transaction costs decrease, it becomes more popular among various financial institutions, traders and individuals. It is used to facilitate secure transactions which are fast and easy. In addition to that, using this particular form of transaction, the risk associated with any kind of fraud can be minimized to a great extent.
A number of distributed ledger technologies are in use nowadays which includes Distributed Ledger Protocol (DLP), RLP and Cordless Ledger Protocol (CLP). All these technologies have their own advantages and features. However, among them RLP has emerged as the most popular due to its security, privacy as well as scalability characteristics. In order to make the system more efficient and secure then it is better to implement Distributed Ledger Protocol along with Distributed Ledger Protocol (DCP) which enables fast execution and near zero cost transactions.
An important feature of distributed ledger protocol is the ability of its users to make intelligent choices regarding the routing of the transactions through a distributed ledger. In other words, a user can decide which transaction should be made on which node and also that one of the nodes should be ignored. Apart from that, users can also decide on a maximum hold time for a certain transaction. Apart from all these features quorum is another important feature which ensures smooth and reliable transaction operation. Quorum is a condition where a certain level of users must agree to a certain transaction before the transaction gets cleared.
