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

Without Nakamoto’s consent, we would not have known the blockchain. For this reason, today we propose an article, 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 fractures of the Byzantine generals

the Consent Nakamoto it is a legacy that Satoshi Nakamoto bequeathed to us to face the Byzantine failure. The latter is an error that can affect distributed computer systems after one or more of their components fail.

The emergence of this very complex type of problem was problematic at the time as an error-tolerant Byzantine system dictates a consensus voting system. Which will not be effective without the use of a rolling election of leaders.

If an untrustworthy or malicious leader is detected, a vote is enforced to remove him from the network.

Here’s how the networks Peer to peer it must have worked before Nakamoto’s consent. Maintaining their authenticity in various cryptographic projects and digital currency sketches depended totally on it.

Except that the Byzantine flaws would reduce bitcoin, and consequently the entire blockchain. This is where this comes into play. digest of rules that verify the authenticity of a blockchain network based on a combination of consensus algorithms Proof of work on a network Peer to peer Byzantine fault tolerance (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 BTF on a P2P network;

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

– the absence of a voting process in BTF networks that will pit miners who want to solve a cryptographic puzzle 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 has allowed the creation of a decentralized network free from the intervention of a trusted third party.

And if we go 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 case of a finding of concurrency between complete nodes in the context of a block extraction. It is on their speed that miners are rated. Winners receive their reward in bulk, an action that certainly motivates their participation.

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

Another advantage is also worth mentioning: the impossibility of arriving at a situation of “double spending” since the timestamp blocks will only reinforce the immutable character of the blockchain. Under such circumstances, the longer chain becomes valid thanks to the support of most of the computing power of the miners.

The reach of the Nakamoto Consensus has gone far beyond the confines of bitcoin. Today this model has allowed the resolution of many computer problems such as those of real life. Indeed, its reach has been able to reach other sectors such as healthcare, real estate or even banking. There is something to delight the vast blockchain and cryptocurrency community looking for formulas that promise more decentralization and digital trust.

Source: Coinmarketcap

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The blockchain and crypto revolution is underway! And the day the impacts are felt on the world’s most vulnerable economy, against all hope, I will say it has something to do with it.

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