IEC NET is the decentralized blockchain network that the Investment Evolution Coin runs on. It consists of multiple validator notes that run independently of each other, with the power to transmit and distribute information among a network of servers instead of having one centralized source and potential point of failure. The blockchain ledger within IEC NET records all the transactions and balances that take place within the network. A complete copy of this ledger is hosted on each individual server that runs IEC NET, and together they form the decentralized network IEC NET.
IEC NET uses a Federated Byzantine Agreement (FBA) consensus mechanism to validate and confirm transactions on the network. FBA achieves consensus through quorum slices - individual trust decisions made by each node that together determine system-level quorums. Compared to decentralized proof-of-work and proof-of-stake schemes, FBA has modest computing and financial requirements, lowering the barrier to entry and potentially opening up financial systems to new participants.
IEC Net's FBA consensus mechanism enjoys four key properties simultaneously:
1) Decentralized control - Anyone is able to join the network and no central authority dictates whose approval is required for consensus
2) Flexible trust - Users have the freedom to trust any combination of parties they choose to
3) Asymptotic security - Safety relies on digital signatures and hash functions that can even protect against bad actors with significant computing power.
4) Low latency - Nodes can reach consensus within a maximum of a few seconds, matching standard expectations for online transactions.
Any entity can run a IEC NET server, and currently there are 5 validator nodes which is the minimum number of nodes required to reach consensus and confirm transactions on the network. As we continue to grow our reach via new exchanges, partnerships and exchange listings of IEC we will continue to expand the node environment to further enhance the distributed nature of IEC NET.