Consensus protocol design concerns the methods and rules by which distributed network participants agree on the validity of transactions and the order of blocks in a blockchain. This design process determines how nodes reach a collective agreement, preventing double-spending and maintaining data integrity. It establishes the fundamental operating principles of a decentralized system.
Context
Consensus protocol design is central to the security, scalability, and decentralization properties of any blockchain. Different designs, such as Proof of Work, Proof of Stake, and various Byzantine Fault Tolerant protocols, present trade-offs in these areas. Ongoing developments and upgrades in major cryptocurrencies often involve significant changes or refinements to their consensus mechanisms.
Cryptographers proved a Verifiable Delay Function's fixed sequential time can be bypassed, challenging its use for secure, fair randomness in Proof-of-Stake.
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