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  5. The Base Layer: Key Approaches to the Consensus Mechanism

The Base Layer: Key Approaches to the Consensus Mechanism

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1 November 2018
John Dwyer

The Double Spend Problem was a challenge of computer science which was solved by Bitcoin's Proof of Work. We provide detailed analysis of how it works and the competing approaches which have emerged within the digital assets ecosystem.

Key research questions

  • What is a consensus mechanism?
  • What is the status of Proof of Work?
  • What other key consensus mechanisms have emerged?

Abstract

The mainstream narrative about Bitcoin is changing dramatically.

The consensus mechanism is at the heart of any public blockchain. Bitcoin’s Proof of Work is the proof of concept for the Internet of Value and warrants detailed analysis ahead of institutional capital allocation to Bitcoin.

We explore Proof of Work and alternative approaches to the consensus mechanism as regulatory legitimacy and institutional capital allocation to Bitcoin are fast approaching.

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