Thread by @tomnormand888

Insightful presentation from @HoonKimATC - CTO of @AstarNetwork - for module 3 of #unitmasters program.

"Basics of consensus mechanisms"💡

"Not your server, not your data", @yipclouds - @theunitnetwork co-founder.

Corollary: we're on @Twitter, so it's not our data.🤭

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∃ two models for Networks:
1) Client/Server model: total authority to the server, fast&secure, possible censorship.

2) P2P model: no central authority, can be insecure slow and difficult to scale, but trustless and censorship resistant.

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∃ trust issues in P2P networks. It can be illustrated by "the Byzantine Generals problem".
Those issues are lack of identity, cyclic dependency and distributed trust data.
Let's simplify it by "what about the decentralization of trust"?
More info here: river.com/learn/what-is-…
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Satoshi Nakamoto solved the issue of decentralization of trust. Its main component is using Decentralized Ledger Technology (DLT).
To simplify, Bitcoin uses an "algorithmic trust manager" or "consensus mechanism".
Bitcoin Whitepaper link here: bitcoin.org/bitcoin.pdf.
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P2P protocols have been researched for decades.
Remember when you used "e-mule" to send your favorite music to your friends? Ok, I'm old😂

Historic protocols include: Gnutella & limeware, Chord and its distributed hash tables, PACE.

What about decentralization of money?
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Satoshi Nakamoto managed to achieve "decentralization of money" thanks to his consensus mechanism called Proof-of-Work.

He published his research on Saturday, October 31st of 2008.

Previous historic research include:
HashCash (97), rPoW (04), BitGold (05), b-money (06).

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∃ 72 different consensus types to my knowledge.
Let's focus on a few of them.

1) Proof-of-Work aka PoW: permissionless, unstoppable but slow, with low scalability and using a large amount of resources.

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2) Proof-of-Stake aka PoS: fast, scalable, secure but a bit centralized. Requires validators to create new blocks.
Consumes way less resources than PoW.
Ethereum, which now runs on PoW, is expected to switch to PoS in Sept 2022.
It's currently the most used blockchain for NFTs
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3) Delegated PoS: there's a staking pool and it's regarded as "more democratic".

4) Nominators PoS: nominated or elected people are eligible to use the staking pool. Ever heard about politics?

5) Proof-of-Authority: easy-to-use but centralized. Depends who the authority is.
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For more information about the most used consensus mechanisms, feel free to check the following article:
crypto.com/university/con…
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Talking about the most known different blockchains - and because I know you like NFTs:
@Bitcoin: PoW
@ethereum: PoW expected to swith to PoS
@0xPolygon: PoS Ethereum side-chain
@solana: PoS +PoH (Proof-of-History)
@tezos: PoS
@Polkadot: NPoS (Nominated PoS)
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@NEARProtocol: PoS
@substrate_io: PoC (Proof-of-Capacity)
@CeloOrg: PoS
@PulsechainCom:DPoS
@ElrondNetwork:SPoS (Second-Proof-of-Stake)
@BNBCHAIN: PoSA (Proof-of-Staked Authority)
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Feel free to correct mistakes I've made, thanks again @HoonKimATC for his insights, and don't forget:

"Not your server, not your data".

Feel free to comment, RT, share and comment.

Best regards,

a PikaPunk by @nft_nur: opensea.io/collection/pik….

@rattibha

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