A free entry system, in economic terms, describes a market structure where new participants can join without significant barriers or costs. Within blockchain contexts, this often refers to permissionless networks where anyone can become a node or a miner. Such systems promote decentralization and open participation. They contrast with permissioned environments that restrict access.
Context
The concept of a free entry system is central to the ethos of many public blockchains, emphasizing accessibility and resistance to censorship. Discussions often center on the trade-offs between open participation and potential vulnerabilities, such as Sybil attacks or network congestion. Maintaining a truly free entry system while ensuring network security remains a continuous design challenge for protocol developers.
The Stubborn Nakamoto protocol modifies Bitcoin's core rules to achieve provable economic security and permissionless design, decoupling finality from energy expenditure.
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