Voting-based probabilistic consensuses and their applications in distributed ledgers
We review probabilistic models known as majority dynamics (also known as
threshold Voter Models) and discuss their possible applications for achieving
consensus in cryptocurrency systems. In particular, we show that using this
approach straightforwardly for practical consensus in Byzantine setting can be
problematic and requires extensive further research. We then discuss the FPC
consensus protocol which circumvents the problems mentioned above by using
external randomness.