For those readers who are not versed in coding or cryptography, the concept of a Direct Acyclic Graph will not make any more sense than a blockchain makes. That’s because it’s still a way to successfully record and broadcast transactions to the rest of the network. On that front, there is very little difference between the two concepts. However, in the case of TRF, there are no miners who process, broadcast, and confirm transactions.
That doesn’t have to be a bad thing, though, as the mining process is often considered a waste of electricity first and foremost. Whether that makes the DAG implementation superior or inferior is hard to determine at this point in time. There is no perfect way to achieve distributed and decentralized consensus in the world of cryptocurrency right now. Any new way of achieving this goal will have its advantages and drawbacks.
More specifically, this consensus mechanism involves the use of transaction issuers and transaction validators. This is very different from the concept of mining, where the issuers and approvers are one and the same, for the most part. Some people see this as an advantage, as miners often collude to harm the network whenever things aren’t going to their liking. Moreover, miner fees also impact those networks relying on mining consensus, such as Bitcoin and Ethereum.
There are additional advantages to using TRF DAG. First of all, it seems to solve scalability, although there is still a lot of work to be done in this regard. Secondly, it solves most of the issues associated with transaction fees found in Bitcoin and Ethereum. Transactions broadcast to the network require two previous transactions to be approved. This must be handled by the network nodes, which requires that the approved network nodes don’t conflict with one another. It is an interesting take on double-spends, although it still has to be put through its paces properly.
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