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This paper investigates the fundamental trade-offs between block safety,confirmation latency, and transaction throughput of proof-of-work (PoW)longest-chain fork-choice protocols, also known as PoW Nakamoto consensus. Newupper and lower bounds are derived for the probability of block safetyviolations as a function of honest and adversarial mining rates, a blockpropagation delay limit, and confirmation latency measured in both time andblock depth. The results include the first non-trivial closed-formfinite-latency bound applicable across all delays and mining rates up to theultimate fault tolerance. Notably, the gap between these upper and lower boundsis narrower than previously established bounds for a wide range of parametersrelevant to Bitcoin and its derivatives, including Litecoin and Dogecoin, aswell as Ethereum Classic. Additionally, the study uncovers a fundamentaltrade-off between transaction throughput and confirmation latency, ultimatelydetermined by the desired fault tolerance and the rate at which blockpropagation delay increases with block size.

Security, Latency, and Throughput of Proof-of-Work Nakamoto Consensus