In Part I, this piece will highlight the history, basis, and justifications for blockchain systems over the present version of the internet. This section helps to frame where consensus mechanisms may undermine Web3’s core premise. Part II will describe the fundamentals of consensus mechanisms. Thereafter, in Part III this piece will demonstrate the pitfalls of each system - and why proof of stake is not necessarily better at fighting off some of the risks associated with consensus mechanisms. Finally, in Part IV this article offers an architectural solution: introducing a series of new protocols which would increase the cost of each successive token that one purchases to serve as a validator. Ideally, this new architectural shift will undercut some possible risks associated with the present model.
James J. Bernstein,
CONSENSUS’S CONSOLIDATION CONUNDRUM,
18 Wash. J. L. Tech. & Arts
Available at: https://digitalcommons.law.uw.edu/wjlta/vol18/iss4/2