Token Summit III in New York, U.S. witnessed the revelation of modern consensus protocols for blockchain technology
. The event was held
on Thursday evening, 17th May, 2018. The responsibility to unveil a series of protocols was on the blockchain enthusiast and researcher, Emin Gun Sirer
. Sirer also happens to be a Professor at Cornell University
While addressing the audience, he stated that consensus protocol is an amalgamation of “Nakamoto consensus” and ‘classicial consensus.” Bitcoins are the best among all the Nakamoto consensus protocols. These two models have the decision-making power in the network of blockchain. He has remarked, “The way this protocol works is incredibly simple yet incredibly powerful.”
Quite unlikely, the developers of the protocol used a pseudonym for themselves. These pseudonyms have been inspired from the famous Pokemon characters. The developers’ team was referred to as “Team Rocket.” Also, the protocols are called as Snowball, Avalanche and Snowflake.
About the protocols, Sirer explained that the protocols are designed to sample the participants of the network, randomly
. Thereafter, a single outcome can be chosen
. According to sources, Sirer stated,” They rely on randomness and they rely on random interactions and yet they ensure after the interactions everyone has decided the same thing
Months of hard work enabled Sirer along with his team to frame the white paper
related to the protocols. The white paper of the consensus protocols suggests, “Inspired by gossip algorithms, this new family gains its safety through a deliberately metastable mechanism
. Specifically, the system operates by repeatedly sampling the network at random, and steering the correct nodes towards the same outcome
In the event, Sirer has thrown light on the two types of consensus. On one hand, he mentioned, in Nakamoto consensus before the enactment of any decision, miners’ consents are needed. On the other hand, two-third majority in addition to one is required for classical consensus.
Unfortunately, a uniform opinion on the consensus protocols is not present among everyone. Vlad Zamfir, the developer of ethereum tweeted that the respective natures of the protocols forbid a combination. A blend comprising, “the best of Nakamoto consensus with the best of classical consensus” is not possible. This failure deviates from the assertion made by Sirer in his tweet.
Supplementing the unfavourable opinions, the pioneering researcher of Casper CBC expressed that the protocols are “the worst of both worlds
.” Casper CBC
is the emerging protocol of the proof of stake belonging to ethereum. He explained the statement by focussing on the features of the codes that tend to debilitate the security