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october 2nd, 2022
whitepaper circle #1: dag bft
learning method: going through the slides, making sure i understand everything, and rewording into my own words so i can read over it in the future and explain to myself
byzantine fault tolerance:
fault resilience of decentralized stuff to bad actors and machine failures
how to have n participants w/ f bad actors agree on infinitely growing actions
honest is tracked as n >= 3f+1
proof of work consensus
what is a nonce number that blockchain miners are solving for. When the solution is found, the blockchain miner that solves it is given the block reward.
miners prove they executed transactions by guessing a nonce
cons of pow
high energy consuption
high barrier of entry
capital hardware costs for profitable mining
pros of pow
adjustable network difficulty
neutral compared to pos
proof of stake
validators randomly chosen to create blocks, confirm which ones are correct, validating the transactions
stake a large amount of tokens to prevent bad activity
cons: relies n inherent value of token instead of computational power)
pros: less computational power, lower barriers of entry
definitions ~ finality
finality is the affirmation that all well-formed blocks will not be revoked once committed to the blockchain.
(eg. if a malicious actor is able to accumulate 51% of mining power, they can conduct a double spend attack).
achieved at checkpoints needing 2.3 of validators
examples of bad activity
double signing blocks (bad for network security because its when a validating entity (private key) submits two signed messages for the same block.
finalized once included in a block and added to a chain
tendermint needs 2/3 of validators to prevote
economic finality: block reordering or transactions not being final = economic penalty !!
DAG BFT consensus:
consensus logic is SEPARATE from network comms
no blocks … bundles of transactions
in round r, each validator sends all other validators a message w/ vertex
validator replies w signature if it ha