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I sometimes hear that bitcoin's key innovation was the Nakamoto Consensus, which solves the double-spend problem without the need for trusted third-party intermediaries.
I take Nakamoto Consensus to mean the bitcoin consensus mechanism, so it includes the proof of work process, the difficulty adjustments and any other rule code into bitcoin.
Am I correct here? It would be interesting to figure out who coined the term 'Nakamoto Consensus'. This may shed some light on this topic.
From this article: https://coinmarketcap.com/alexandria/article/what-is-the-nakamoto-consensus
Prior to Satoshi’s creation of the Nakamoto Consensus, Byzantine Fault Tolerance was used in peer-to-peer networks to maintain their authenticity for a variety of cryptography-related projects, and even some early forms of digital currency.
However, there were problems — in just a Byzantine Fault Tolerant system, the voting system for consensus requires a rotating election of leaders. If a leader acted maliciously, as leaders are known to do, then they could be removed from the network by a vote from the other nodes. In the case of Bitcoin (and for the idea of a digital currency in general) this individual removal of leaders through a voting process would pose a huge problem when it came to scaling.
