Consensus on Demand. (arXiv:2202.03756v1 [cs.DC])

Digital money can be implemented efficiently by avoiding consensus. However,
no-consensus implementations have drawbacks, as they cannot support smart
contracts, and (even more fundamentally) they cannot deal with conflicting
transactions. We present a novel protocol that combines the benefits of an
asynchronous, broadcast-based digital currency, with the capacity to perform
consensus. This is achieved by selectively performing consensus a posteriori,
i.e., only when absolutely necessary. Our on-demand consensus comes at the
price of restricting the byzantine participants to be less …

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