What is the role of Byzantine fault tolerance in securing digital currencies?

1 answers

• Dec 17, 2021 · 3 years ago
  Byzantine fault tolerance is a critical component in securing digital currencies. It ensures that the network can withstand malicious attacks and maintain the integrity of transactions. Let me break it down for you. In a decentralized network, there are multiple nodes that validate and record transactions. Byzantine fault tolerance ensures that these nodes can reach a consensus on the validity of transactions, even if some of them are acting maliciously or providing incorrect information. This consensus mechanism prevents fraudulent activities, such as double-spending, and ensures that transactions are irreversible once confirmed. So, thanks to Byzantine fault tolerance, digital currencies can operate securely and without the need for a central authority like a bank.
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