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● An IBFT PoS with built-in systems contracts will be used as a core consensus algorithm by Litechain.
● The average block time is expected to be X seconds.
● Initially, X nodes will be running to comply with BFT (Byzantine Fault Tolerance).
● Block size will be dynamic and decided by the Validator set. The initial block gas limit is xxx,xxxx,xxx.
● The expected number of validator nodes in the chain will be x at a minimum.
● Any account staking more than XX,XXX WLTC tokens and passing the community authority and authentication, will be allowed to join the Validator Set.
● LiteChain has pre-deployed contracts for staking. This allows for the staking of WLTC tokens, providing rewards to holders.
● If the block is not produced or accepted within the expected time, the next validator would take over the proposer duty.
● There is no newly minted block reward for block production.
● All transaction fees will be valued in WLTC