Confusion about certain blockchain lingo

by timhc22   Last Updated August 13, 2019 17:27 PM

I’m really struggling to get my head around a particular piece of lingo in the bitcoin/blockchain space, and would really appreciate if someone was able to give a bit of clarity. I have been doing a lot of reading trying to figure this out, but the more I read, the more confusing it seems to become.

Basically, it concerns consensus and governance.

With blockchain tech, as far as I understand, we have the following:

  • ‘consensus’ needed amongst miners as to what the ‘next block of transactions’ is that is added to the chain (and the longest chain, becomes the valid chain in the network).
  • ‘consensus’ needed about which version of the protocol is used (disagreement leading to a hard fork)

My main question about the above, are they both referred to as ‘consensus’ or is there terminology which separates the two? (Whenever I open a new article about governance and consensus, I have to read half of it to figure out as to which type of ‘consensus’ the writer is referring to.

Would governance therefore be the developers who have permission to merge changes into the main bitcoin code base?



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