Consensus guarantees are assurances that all honest participants in a decentralized network will agree on the correct state of the system. These guarantees are fundamental properties of blockchain protocols, ensuring that transactions are validated and recorded consistently across all nodes. They protect against malicious actors attempting to alter transaction history or double-spend digital assets. Different consensus mechanisms, such as Proof of Work or Proof of Stake, provide varying levels of these assurances regarding finality, safety, and liveness. The strength of these guarantees directly influences the trust and reliability placed in a blockchain network.
Context
News frequently addresses consensus guarantees when discussing protocol upgrades, security audits, or incidents involving network forks or attacks. Debates often arise concerning the trade-offs between strong guarantees and other performance metrics like transaction speed or decentralization. Regulators also scrutinize these guarantees when assessing the suitability of blockchain technology for financial applications, focusing on the immutability and integrity of data.
A new asynchronous BFT protocol concurrently executes dissemination and agreement, resolving the throughput-latency tradeoff and guaranteeing censorship resistance.
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