A fair consensus mechanism is a protocol designed to ensure that all participating nodes or validators in a decentralized network have an equitable opportunity to contribute to block production and receive rewards. It aims to prevent undue concentration of power or influence by any single entity or group. Such a mechanism prioritizes impartiality and broad participation in the validation process. This design is fundamental to maintaining the decentralization and security of a blockchain.
Context
The search for a truly fair consensus mechanism is an ongoing discussion in blockchain research and development, frequently reported in news regarding new proof-of-stake variations or alternative distributed ledger technologies. Debates often focus on issues such as wealth centralization, Sybil attack resistance, and the accessibility of participation for smaller stakeholders. Achieving fairness is a constant objective for protocols striving for long-term decentralization and robust security.
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