Monday, April 30, 2018

Will Byzantine Fault Tolerance Enable Blockchain Adoption Beyond Cryptocurrencies?

Friends, Byzantine fault tolerance (BFT) is the resistance of a fault-tolerant computer system, especially distributed computing systems, towards electronic component failures where there is imperfect information on whether a component is failed. In a "Byzantine failure", a component such as a server can inconsistently appear both functioning and failed to failure-detection systems, presenting different expressions to different observers. Perhaps nowhere is BFT more essential than on a Blockchain. Most traditional distributed computing environments have central configuration databases or authorities that can help right wrongs in the event that Byzantine failures occur. Blockchain applications, starting with Bitcoin’s Proof-of-Work consensus method, are today proposing solutions to this challenge. Can BFT and/or dBFT help solve this dilemma? Send us your comments. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

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