Nakamoto Consensus is the groundbreaking distributed consensus mechanism introduced by Bitcoin, combining proof-of-work, a chain selection rule, and economic incentives. It allows a decentralized network of participants to agree on a single, immutable transaction history without requiring a central authority. Miners compete to solve cryptographic puzzles, and the first to succeed proposes the next block, extending the longest chain. This process secures the network against malicious alterations.
Context
Nakamoto Consensus remains a foundational concept in blockchain technology, celebrated for its robustness and censorship resistance. A key discussion involves its high energy consumption and scalability limitations, leading to ongoing research into alternative consensus mechanisms. Future developments often aim to retain its security properties while addressing these environmental and throughput concerns through various protocol upgrades.
Researchers formalized secure resource weighting for longest-chain consensus, enabling new hybrid proofs to counter centralization and enhance security models.
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