A Decentralized Consensus Protocol is a set of rules and procedures that allow distributed network participants to agree on the validity and order of transactions without relying on a central authority. These protocols ensure that all nodes maintain an identical and consistent copy of the ledger. Examples include Proof of Work and Proof of Stake, which incentivize honest participation and secure the network against malicious actors. This mechanism is foundational to the security and immutability of blockchain systems.
Context
Decentralized Consensus Protocols are continuously evolving, with news often reporting on new innovations and upgrades aiming to improve efficiency, scalability, and energy consumption. Debates frequently compare the security properties and environmental impacts of different protocols. The transition of major blockchains to new consensus mechanisms, such as Ethereum’s move to Proof of Stake, represents a significant development. Understanding these protocols is central to comprehending the security and operational principles of digital assets.
A novel hash-based protocol simultaneously achieves constant-time consensus and near-optimal Byzantine fault tolerance, resolving a core distributed systems tradeoff.
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