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Blockchain: Consensus of Nakamoto, guarantor of bitcoin (BTC) and other cryptocurrencies

Without Nakamoto’s consensus, we would not have known blockchain. This is why we are giving it an article today, just to give you an overview of this concept and to make a comparison with the other existing mechanisms. Note that the Bitcoin white paper mentions this consensus based on the validation system Proof of work (PoW).

Satoshi Nakamoto put an end to the rifts of the Byzantine generals

the Nakamoto Concensus is a legacy left to us by Satoshi Nakamoto in order to face the Byzantine failure. The latter being an error that can affect distributed computer systems after one or more of their components fails.

The appearance of this kind of very complex problem was problematic at the time since a Byzantine fault-tolerant system imposes a voting system for consensus. Which will not be effective without recourse to a rotating election of leaders.

In the event of an unreliable or malicious leader finding, a vote is imposed in order to remove him from the network.

This is how networks Peer-to-Peer must have worked before the Nakamoto consensus. Maintaining their authenticity in the various crypto projects and sketches of digital currencies totally depended on it.

Except that Byzantine flaws would reduce bitcoin, and consequently the entire blockchain. This is where this comes into play. digest of rules verifying the authenticity of a blockchain network based on a combination of consensus algorithm Proof of work on a network Peer-to-Peer Byzantine Fault Tolerant (BFT). The Nakamoto Consensus, to put it simply.

Nakamoto Consensus Protocol

Why the Proof of work (PoW) ?

The Nakamoto Consensus therefore takes into account the following principles:

– the use of the BTF on a P2P network;

– the integration of a proof-of-work (PoW) consensus mechanism in which the nodes will mine;

– the absence of a voting process in the BTF networks which will put miners wanting to solve a cryptographic enigma into competition;

– the imposition of a ceiling on the quantity of bitcoins to be put into circulation, which is limited to 21 million units.

This logic allowed the creation of a decentralized network free from the intervention of a trusted third party.

And if we come back to the term “Proof of work“? PoW refers to the idea of ​​miners supporting the Bitcoin network through their computing power. This mechanism is mentioned in the event of a finding of competition between the complete nodes within the framework of an extraction of blocks. It is on their speed that miners are evaluated. The winners receive their reward en bloc, an action that certainly motivates their participation.

Consequence: new bitcoins emerge again and again as a result of this practice and the honest nodes continue to triumph over the malicious nodes.

It is also worth mentioning another advantage: the impossibility of arriving at a situation of “double spending” since the timestamped blocks will only reinforce the immutable character of the blockchain. In such circumstances, the longest chain becomes valid due to the support of the majority of the miners’ computing power.

The reach of the Nakamoto Consensus has gone well beyond the borders of bitcoin. Nowadays, this model has allowed the resolution of many computer problems like those of real life. Indeed, its scope has been able to reach other sectors such as health, real estate or even banks. There is something to delight the vast community of blockchains and cryptocurrencies in search of formulas promising more decentralization and digital trust.

Sources : Coinmarketcap

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Source: Cointribune

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