Proof of Work (PoW) Blockchains implement a form of State Machine Replication (SMR). Unlike classical SMR protocols, they are open, i.e., anyone can join the system, and the system incentivizes participants, called miners, to follow the protocol. Therefore, unlike classical SMR protocols, reasoning about blockchain security relies not only on...| decentralizedthoughts.github.io
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