The article introduces key concepts surrounding blockchain architecture, particularly focusing on append-only logs utilized in PoW and PoS systems. It explains the probabilistic nature of log entries in PoW, where finality hinges on multiple successive entries, versus the immediate finality achieved by PoS systems through committee consensus. These distinctions are pivotal for simplifying the mental models used to navigate discussions about trade-offs in blockchain designs, including standard implementations as well as scaling solutions like rollups. The implications for transaction ordering, security parameters, and system efficiency are also discussed.
In PoW systems, successful append operations to logs are probabilistic, requiring several additional entries for 'probabilistic finality.' This highlights core security concerns for transaction confirmations.
PoS systems utilize committee elections and digital signatures for consensus, achieving immediate finality of transactions without the need for additional log entries, streamlining the process.
In analyzing smart contract systems, the introduced concepts and terminologies aim to simplify understanding and facilitate discussions on trade-offs in blockchain design across various existing systems.
Both PoW and PoS append-only logs serve as foundational elements in blockchain design, impacting how finality is perceived and the security measures in place.
Collection
[
|
...
]