Lachesis

Lachesis is a consensus algorithm designed for distributed systems that uses a directed acyclic graph (DAG) to process transactions. It was first introduced in a 2018 paper by William Mougayar and Alberto Granzotto.

In the Lachesis algorithm, transactions are first submitted to a central ordering service, which assigns a total order to the transactions using a DAG. This DAG allows transactions to be processed concurrently, leading to increased scalability and throughput compared to traditional blockchain consensus algorithms.

The Lachesis algorithm also uses a gossip protocol to propagate transactions and order information to all nodes in the network. This helps ensure that all nodes have a consistent view of the transaction order, even in the presence of network partitions or node failures.

One of the key advantages of Lachesis is its ability to process transactions in near-real time, even under high load. This makes it well-suited for use cases where fast transaction confirmation times are important, such as payments and micropayments.