区块链共识机制：监管者入门（2025年更新）

Blockchain ConsensusMechanisms A Primer for Supervisors (2025 Update) Parma Bains WP/25/186 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2025SEP IMF Working Paper Monetary and Capital Markets Blockchain Consensus Mechanisms: A Primer for Supervisors (2025 Update)Prepared by Parma Bains Authorized for distribution by Jay SurtiSeptember 2025 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT:Consensus mechanisms underpin the effective operation of blockchains by ensuring a singleconsistent and honest ledger. The design and implementation of these consensus mechanisms can improve orimpede the ability of regulatory and supervisory authorities to achieve their objectives and mandates. Thispaper provides an update to the Fintech NoteBlockchain Consensus Mechanisms: A Primer for Supervisors(2022)by reviewing the growth of existing consensus mechanisms, exploring new consensus mechanisms,and the development of layer 2 protocols. It is a non-technical and accessible note to provide supervisors abroad understanding of the technology within their remits. RECOMMENDED CITATION:Bains, P. (2025).Blockchain Conensus Mechanisms: A Primer for Supervisors(2025 Update). IMF Working Paper, Monetary and Capital Markets. Blockchain ConsensusMechanisms A Primer for Supervisors (2025 Update) Prepared by Parma Bains1 Contents Comparison of Consensus Mechanisms.......................................................................................................... 5Introduction ......................................................................................................................................................... 6Consensus Mechanisms .................................................................................................................................... 7Nakamoto Consensus: PoW in the Bitcoin Network ...................................................................................... 7Hybrid BFT / Nakamoto: PoS in the Ethereum Network ................................................................................ 9BFT Consensus: Proof-of-History (PoH) and Tower BFT in the Solana Network ........................................ 11Supervisory Considerations for Consensus Mechanisms ............................................................................ 12Scalability Solutions ......................................................................................................................................... 15State channels.............................................................................................................................................. 15Rollups ......................................................................................................................................................... 16Sidechains.................................................................................................................................................... 17Supervisory Considerations of Scalability Solutions .................................................................................... 18Conclusion......................................................................................................................................................... 19References......................................................................................................................................................... 20 Comparison of Consensus Mechanisms2 Introduction The growth of distributed ledger technology (DLT) based products and services has occurred in step witha rapid increase in the number and diversity of blockchain networks. DLT enables a single, sequenced,standardized, and cryptographically secured record of activity to be safely distributed to, and acted on by,a network of participants.More simply, we can say this technology is a way to transfer, store and processdata in distributed systems, with the ability to establish and maintain technology-enabled trust betweendiverse users. This record, or data, can contain transactions, asset holdings, or even identities. Ablockchain is a type of DLT that has a specific set of features, organizing its data in a chain of blocks.3Each block contains data that are verified, validated, and then “chained” to the next block. Blockchainsconstitute a subset of DLT, and the Bitcoin blockchain is a specific formof a blockchain.Blockchains canbe public or private, permissioned or permissionless. Public networks allow anyone to v