Hash-Based Consensus refers to a category of decentralized agreement mechanisms that rely on cryptographic hash functions to secure the network and validate transactions. Participants compete to solve computational puzzles, typically involving finding a hash that meets specific criteria, to propose new blocks. This process, exemplified by Proof of Work, establishes a verifiable record of effort and secures the ledger against tampering. The difficulty of these puzzles adjusts to maintain consistent block times.
Context
Hash-Based Consensus, most prominently seen in Bitcoin’s Proof of Work, is a frequent subject in crypto news, particularly concerning its energy consumption and security properties. Debates often compare its robustness and decentralization against newer consensus models like Proof of Stake. The ongoing discussion includes the environmental impact of mining and the economic incentives for network participants. Understanding this consensus type is crucial for assessing the security and resource demands of various 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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