chapter  Chapter 2
22 Pages

Mechanisms of Consensus

WithJian Gong, Wei Xu

On February 24, 2018, a speaker from the Bitcoin community, posted an open letter on Twitter calling on the community to revise the consensus mechanism. The word “consensus” is presumably familiar to everyone. Different groups can work together, necessarily because they share a common belief. Bitcoin or bottom-layer blockchain technology, in fact is a public ledger that records real-time transactions in the Bitcoin network. CNNMoney reported that some experts said that Bitcoin mining consumes a lot of energy and may be harmful to the environment. Bitmain, the leader of the Bitcoin mining manufacturers, has never publicly stated its position on energy consumption. Limited by Consistency, Availability, and Partition Tolerance theory, in 2008, Nakamoto discovered the Bitcoin and proposed the Proof-of-Work workload proof mechanism, which became an ultimate solution to the Byzantine Generals problem.