We analyze the effect of block propagation latency on the performance and design of Nakamoto-style blockchains. Miners strategically choose block capacity, balancing the risk of invalidation from fork| ideas.repec.org
Bitcoin’s underlying consensus protocol, now known as Nakamoto consensus, is an extremely simple and elegant solution to the Byzantine consensus problem. One may expect this simple protocol to come with a simple security proof. But that turns out not to be the case. The Bitcoin white paper did not provide...| decentralizedthoughts.github.io