Definition ∞ Protocol parameters are configurable settings and values that govern the operational rules, economic incentives, and technical specifications of a blockchain network or decentralized application. These parameters can include block size, transaction fees, staking reward rates, and governance thresholds. Changes to protocol parameters typically require a consensus mechanism or a governance vote among network participants. They dictate the fundamental behavior and characteristics of the system.
Context ∞ Discussions around protocol parameters are central to blockchain governance and network upgrades, with news often reporting on proposals and voting outcomes. Adjustments to these parameters can significantly impact network security, scalability, and economic models. Understanding protocol parameters is essential for assessing the future direction of a digital asset project.
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