Paxos is a family of consensus protocols designed to achieve agreement among a group of unreliable processors in a distributed system. It ensures that all non-faulty processes eventually agree on a single value, even in the presence of network failures or process crashes. While not directly a blockchain consensus mechanism, its principles of fault tolerance and agreement are foundational to understanding distributed ledger technology. Paxos provides a robust method for maintaining consistency across multiple nodes.
Context
While less common in public, permissionless blockchains, Paxos algorithms and their derivatives are extensively utilized in permissioned blockchain networks and traditional distributed databases where high throughput and strong consistency are priorities. Debates often involve comparing Paxos with other consensus algorithms, such as Raft or Byzantine Fault Tolerance (BFT) protocols, regarding their respective strengths in specific network environments. Its influence on distributed systems design, including components of some blockchain architectures, remains significant. Future applications may see its principles adapted for specific enterprise blockchain solutions requiring high transactional reliability.
Paxos mistakenly minted and burned 300 trillion PayPal stablecoins (PYUSD) due to an internal technical error, causing a temporary halt in PYUSD trading on Aave.
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