Probabilistic consensus refers to a class of blockchain consensus mechanisms where the finality of a transaction or block is not immediately absolute but increases in certainty over time. As more blocks are added to the chain, the probability of a transaction being reversed diminishes to a negligible level. This contrasts with deterministic finality, where transactions are confirmed instantly and irreversibly. It relies on statistical likelihood for agreement.
Context
Probabilistic consensus protocols, such as Bitcoin’s Proof of Work, are frequently discussed in crypto news regarding network security and transaction finality. Debates often revolve around the trade-offs between transaction speed and the time required to achieve a high degree of probabilistic finality. Understanding this concept is essential for comprehending the security models of various blockchain networks and their suitability for different types of digital asset transactions and applications.
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