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Wait, Why Do We Need Consensus Again?

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For centuries, the Earth was the center of the universe. The sun, stars, and planets all revolved around us. Courageous thinkers shattered this geocentric model by unveiling the heliocentric reality that revolutionized astronomy. Like the world of astronomy, the blockchain world has its own long-held misconception: that consensus is necessary to build decentralized payments. Bitcoin and Ethereum have lied to us. ‍Consensus is actually the enemy. By removing consensus, we can finalize transactions as quickly as doing a Google search. Meet evil Eve. She saved up Bitcoin to buy her first Tesla. Both Bob and Charlie run separate Tesla dealerships. Is it sufficient for Eve to sign a message stating she is transferring money to Bob without recording it on-chain? Bob receives Eve’s signed payment but does not feel comfortable handing her the car keys yet. How can Bob be sure that Eve has not signed a conflicting transaction that pays Charlie, double spending the same money? ‍ ‍ This is where

October 08, 2024 Wait, Why Do We Need Consensus Again? For centuries, the Earth was the center of the universe. The sun, stars, and planets all revolved around us. Courageous thinkers shattered this geocentric model by unveiling the heliocentric reality that revolutionized astronomy. Like the world of astronomy, the blockchain world has its own long-held misconception: that consensus is necessary to build decentralized payments. Bitcoin and Ethereum have lied to us. Decentralized currencies require a solution to decentralized consensus. ‍ — Ethereum Whitepaper, 2014 ‍ Consensus is actually the

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