Timeline for Logic of Ethereum Consensus - Part 1
Current License: CC BY-SA 3.0
6 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Apr 13, 2017 at 11:28 | vote | accept | Susmit | ||
| Apr 13, 2017 at 11:28 | comment | added | Susmit | Thanks a lot! This really makes few things pretty clear. I have created a second part of the similar scenario with more queries, if you could share your thoughts in that one as well will be great. | |
| Apr 13, 2017 at 11:07 | comment | added | zanzu | If the end user is engaged in a transaction worth 1 USD worth (i.e. can write off the money if things go wrong), and time is of the essence, then s/he may want to take the risk and not wait for more blocks to confirm the transaction. The situation will be different if the transaction is worth 100,000 USD. Not many people can afford to write off that amount of money so the norm for such a transaction would be to trade off confirmation speed for added security. | |
| Apr 13, 2017 at 10:52 | comment | added | zanzu | Q1: "Are you saying..." - A: yes. Q2: "Also there is nothing like..." - A: The 51% principle comes into play to address one of the rainy day scenarios I hinted at in my response. Specifically, if more than one chain of blocks exists (e.g. due to an attack on the blockchain), then only the longest chain prevails. By definition, the longest chain corresponds to the set of miners that collectively have a majority of hash power (when measured over a long enough period). Q3: "How does the way..." - A: this depends on the wallet, its configuration, or ultimately the end-user. | |
| Apr 13, 2017 at 10:01 | comment | added | Susmit | Thanks for your reply Zanzu! Are you saying if the block generation was done correctly then all the clients will gradually accept it and make it part of the blockchain. Also there is nothing like only when 51% nodes have accepted it the newly generated block it will be a confirmed one in the whole chain? How does the way the client decide the level of sensitivity of the newly generated block to take the decision whether to wait or not? | |
| Apr 13, 2017 at 9:46 | history | answered | zanzu | CC BY-SA 3.0 |