Chain finality signifies that once a transaction is recorded on a blockchain, it cannot be altered, reversed, or removed. This property assures participants their transactions are irreversible and permanently settled. Different consensus mechanisms achieve varying degrees of finality, impacting the trust and security model of a digital asset system.
Context
The concept of chain finality is a frequent topic in discussions concerning blockchain scalability, security, and user experience, particularly when comparing Proof-of-Work and Proof-of-Stake protocols. News articles often report on protocol upgrades or new blockchain designs that aim to enhance or expedite transaction finality, directly affecting the perceived reliability and utility of digital assets. Regulatory bodies also examine finality as a factor in assessing the suitability of blockchain systems for financial applications.
A new protocol anchors Proof-of-Stake history to Bitcoin's Proof-of-Work, providing an external trust source to cryptoeconomically secure PoS against long-range attacks.
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