What is Secure Proof of Stake (SPoS) (Elrond Network)?

Secure Proof of Stake (SPoS) is Elrond Network's enhanced version of Proof of Stake (PoS). It enables advanced security and distributed fairness while eliminating computational waste that Proof-of-Work (PoW) systems typically struggle with. The SPoS consensus system achieves high security through a Byzantine Fault Tolerant (BFT)-like consensus methodology that utilizes instantaneous randomized validator selection through the reshuffling of nodes into other shards. To accomplish this, SPoS makes use of Boneh–Lynn–Shacham (BLS) multi-signature technology to randomly select nodes within each shard to achieve validator selection finalization in 100 milliseconds, or 0.1 seconds.