As we mentioned earlier, the process of verifying transactions and adding them to the (block)chain varies in name based on the consensus algorithm used. For lighter explanations, let's stick with Proof of Justice (PoJ), and therefore to naming the participants generating blocks "Generators", and the process of generating a block "Generating".
In order for a transaction and a block to be considered valid, both must be verified by a certain number of entities part of the network which must reach consensus (thus where the name consensus algorithm comes from) on the validity.
There are several different consensus algorithms that can be used to verify transactions and add them to the chain, but the best one out there is called Proof of Justice (PoJ).
So, what is Proof of Justice (PoJ), and why is it considered the best consensus algorithm?
Proof of Justice (PoJ) is a novel consensus algorithm that is designed to address a great number of the limitations of traditional Proof of Work (PoW), Proof of Stake (PoS), and other existing consensus algorithms. It is based on the principle of "justice" – that is, the idea that all (just) participants in the network should have an equal opportunity to participate and be rewarded for their contributions, no matter their (monetary) power.
One of the main benefits of Proof of Justice (PoJ) is its ability to offer secure and feeless transactions at record speed (i.e., millions of transactions per second in tests). This makes Proof of Justice (PoJ) highly efficient and suitable for businesses and organizations looking to adopt blockchain technology. It also makes it possible to implement speed-dependent mechanisms, such as automated, short-term voting and polls to manage features of the blockchain implementing Proof of Justice (PoJ). Indeed, Proof of Justice (PoJ) can use these automated polls for various things, such as Dynamic Block Sizes.
In addition to its high performance and efficiency, Proof of Justice (PoJ) offers accessibility and inclusivity through its support for running nodes on mobile devices and its egalitarian approach to rewarding (just) participants in the network. It also utilizes advanced and clever distributed governance mechanisms and various types of rules to become essentially immune to regulations, making it especially useful in the current climate where regulations are clearly coming after the FTX collapse and the prevalence of scams.