2. Reaching Consensus
The central idea behind blockchain networks is not really the technology—hash algorithms and public key infrastructure (PKI) technologies have existed for many years. As we discussed in the previous chapter, the chief innovation in Bitcoin is a new incentive structure to make sure that although every individual in the network is uncooperative (i.e., decentralized), they will nevertheless collectively behave in a way that maintains the integrity and security of the network. Economic incentives from cryptocurrencies are working in tandem with technological solutions in blockchain networks to solve problems that were previously impossible to address with technology alone.
The most important example of this seamless collaboration ...
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