How can Transformers be used for DeFi?
Transformers, also known as TFSC, is a completely decentralized public chain that anyone can read, send transactions, confirm transactions, and participate in. It’s designed to parallel process blocks by multiple block producers through a lightweight Raindrop Consensus Protocol and a special chain structure. This design greatly improves TFSC’s scalability and performance.
Algorithms used in TFSC
TFSC uses various algorithms including ED25519, RSA, elliptic curve encryption, VRF algorithm, and sha256hash.
ED25519: A high-performance digital signature algorithm based on elliptic curve encryption (ECC) technology. It provides shorter signatures and public keys while maintaining high security and performance.
RSA (Rivest-Shamir-Adleman): An asymmetric encryption algorithm proposed by Ron Rivest, Adi Shamir, and Leonard Adleman in 1978. It is widely used in the field of public key cryptography due to the difficulty of factorization of large numbers.
Elliptic Curve Crypto: A public key cryptography method based on the discrete logarithm problem between points on the elliptic curve and integers. Compared to traditional RSA and DSA algorithms, elliptic curve encryption has higher security and lower computational complexity.
VRF (Verifiable Random Function): A verifiable pseudo random function proposed by Silvio Micali et al. in 1999. VRF accepts an input and generates a random output based on the holder’s private key.
SHA-256: An encrypted hash function used to generate hash values with a length of 256 bits.
Stake Overview
All delegators and validators in the Transformers network, in the default state, do not have any interests and cannot participate in any work of the Transformers network. They need to lock a certain number of TFSC to obtain the relevant interests in the Transformers network.
The stake of Transformers is an act to participate in the network by locking a certain number of TFSC. The stake is to increase the cost of a small number of people to operate the Transformers network, which can effectively prevent malicious nodes from using the Transformers network and make the cost of witch attacks increase significantly.
Conclusion
Transformers (TFSC) can be used for DeFi by allowing users to stake their TFSC tokens. This staking mechanism increases the cost for malicious nodes to operate within the network, thereby enhancing its security. With its advanced algorithms and scalable architecture, Transformers is poised to make significant contributions to the DeFi space.