Distributed Ledger Protocols define the foundational rules and communication standards that govern the operation and synchronization of a distributed ledger technology (DLT) network. These protocols dictate how transactions are validated, recorded, and maintained across multiple independent nodes without a central authority.
Mechanism
These protocols specify consensus algorithms, such as Proof of Work (PoW) or Proof of Stake (PoS), to ensure agreement among network participants on the state of the ledger. They also define cryptography for transaction security, peer-to-peer networking for data propagation, and state transition functions for updating the ledger, ensuring data integrity and immutability.
Methodology
The design methodology for Distributed Ledger Protocols prioritizes decentralization, security, and fault tolerance. It involves balancing the trade-offs between throughput, latency, and consistency, often through modular architectures that separate execution, consensus, and networking layers. The goal is to establish a verifiable and resilient record-keeping system.
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