Security Versus Speed

Joshua Gans

Chapter Chapter 3 in The Economics of Blockchain Consensus, 2023, pp 27-50 from Springer

Abstract: Abstract This chapter explores the trade-offs between security and speed in blockchain consensus protocols. It focuses on two primary consensus approaches: Byzantine Fault Tolerance (BFT) and the Longest Chain Rule (LCR). BFT involves multiple communication rounds between nodes for block confirmation, offering robustness against faults at the expense of speed. LCR relies on a block proposer to communicate confirmed blocks, potentially creating forks but allowing faster block confirmations. The chapter emphasises the importance of balancing security and speed in consensus protocols to achieve a functional and trustworthy distributed ledger system.

Keywords: Blockchain; Consensus protocols; Byzantine Fault Tolerance; Longest Chain Rule; Security vs. speed (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-33083-4_3

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DOI: 10.1007/978-3-031-33083-4_3

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