“Lachesis” refers specifically to the consensus mechanism that powers the Fantom network or to a consensus algorithm designed for achieving scalability and high throughput in a decentralized network. It is notably associated with the eternity blockchain project.

The Lachesis consensus algorithm is a variation of Directed Acyclic Graphs (DAGs) or “blockchain 3.0” technology. This means nodes can process information independently without waiting for a central authority. This parallel processing enables near-instantaneous finality, allowing transactions to be confirmed within seconds. Unlike traditional blockchain structures, where transactions are grouped into blocks and added linearly, Lachesis uses a DAG structure to allow for parallel processing of transactions. In this system, each transaction forms a vertex in the graph, and the edges represent the order of transactions.

Lachesis aims to overcome some of the scalability challenges faced by traditional blockchain networks, enabling a higher number of transactions to be processed simultaneously. It achieves this by introducing a more flexible and scalable structure, where nodes can choose the transactions they want to validate, and consensus is reached as a result of the overall acceptance of transactions by the network.

This approach seeks to improve transaction throughput, reduce confirmation times, and enhance the overall efficiency of blockchain networks. It’s part of the broader effort within the blockchain space to explore alternative consensus mechanisms beyond traditional Proof-of-Work or Proof-of-Stake, with the goal of making decentralized systems more scalable and practical for various use cases.