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Of course!
Imagine a blockchain that has point 3 (Secured by Proof of Work) but it is not public, permissionless and all the miners are from a single entity.
And that's a "no biggie" for you? It'd be a "No-Go" for me.
We are saying the same thing...
Please re-read my original post.
You state that it doesn't carry any significance (on it's own).
It does, however. You're with me on that, right?
No, because the other aspects surrounding the blockchain invalidate any value add one might assume it would have.
The consensus mechanism on its own, as in, there is nothing else. The consensus mechanism with friends such as fully sovereign node operators on the other hand matters a lot.
Can you explain it to me in a vacuum, as well as in a real world scenario?
PoW Vs PoS, or PoW and PoW in different settings, as you wish.
Could you expand on your stance of how the consensus mechanism doesn't hold any significance?