Post
Topic
Board Economics
Re: What’s consensus?
by
binglanglady
on 20/08/2021, 02:31:51 UTC
Quote

Blockchain technology creates an ecosystem based on decentralization, transparency, and vital consensus. Someone might argue that these are the three pillars of the entire blockchain edifice. Remove one, and the entire structure will weaken and fail.

The third pillar-consensus. Particularly interesting because it presents a strange dilemma: in the blockchain, there is no consensus without determinism, and there is no determinism without consensus.



Quote

Blockchain is deterministic because it must be so and cannot exist in any other way. This is how the whole thing works. In the blockchain environment, everyone can see the status of other people's network, so it is completely transparent, and there will be no criminals wantonly, because they will be noticed immediately. When the only thing shared is a transaction, new nodes can be added anytime and anywhere, and they will see the same status. This is why smart contracts must also be written in a deterministic way. Otherwise, consensus will never be reached.


Consensus is the determinism and certainty of the blockchain, which is the most modern norm. It is also a strong relationship created by consensus.