Post
Topic
Board Economics
Re: What’s consensus?
by
RainbowKun
on 18/08/2021, 12:49:11 UTC
Consensus was introduced by Satoshi Nakamoto, because Bitcoin removed the centralized decision making powers of governments and Banks.

Bitcoin actually manged to solve the Byzantine Generals Problem (Where the human element of trust and distrust was removed and replaced by technology) ===> "Proof-of-Work mechanism" 

The inputs are still from humans, but the decision making and consensus are done through a complex system of algorithm and math problems. This technology should be given a "Gold" medal for achieving something that has never been done before... but humans (governments and Banks) are still the problem, because they do not want a technology to replace their power.  Roll Eyes

Yes, you sum it up very well, Bitcoin should be awarded a gold medal. No government likes Bitcoin, because Bitcoin is taking away power from them. The inspiration given to us by the Bitcoin network is that it is no longer controlled by a centralized organization, but the power is distributed to more people and controlled by the people collectively. This is what I have always emphasized that Bitcoin is leading the transformation of human society from a centralized civilization to a decentralized civilization. This has become an increasingly powerful consensus, and no one can stop this trend.