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Security Versus Speed

In: The Economics of Blockchain Consensus

Author

Listed:
  • Joshua Gans

    (University of Toronto)

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.

Suggested Citation

  • Joshua Gans, 2023. "Security Versus Speed," Springer Books, in: The Economics of Blockchain Consensus, chapter 0, pages 27-50, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-33083-4_3
    DOI: 10.1007/978-3-031-33083-4_3
    as

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