kaal:claim:3782203-029

The authors hold that the Bitcoin proof of work algorithm is ultimately flawed, that every consensus algorithm is flawed, and that it is not possible to create an algorithm that is not flawed.

Source quote, verbatim

However, we suspect that the Bitcoin PoW algorithm is ultimately flawed. In fact, we believe that every consensus algorithm is flawed. Further we are confident it is not possible to create an algorithm that is not flawed.

From

Craig Calcaterra, Wulf A. Kaal, A Technical Perspective on Decentralization (2021), Application to PoS consensus algorithms, p. 19
https://ssrn.com/abstract=3782203 · source PDF

Cite as

Craig Calcaterra, Wulf A. Kaal, A Technical Perspective on Decentralization (2021). SSRN: https://ssrn.com/abstract=3782203

Holds when

real world networks with changing markets and anonymous actors

Classification

predictivesupport: assertedfailure: no-flawless-consensusfamily: consensus-and-protocol-attackconsensus-and-securitytokenomics

Related claims

extends kaal:claim:3782198-031 Proof of work consensus is energetically wasteful because the entire global network redundantly computes wrong...

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