What Is the Concept of “Nakamoto Consensus”?

Nakamoto Consensus refers to the set of rules and incentives established by Satoshi Nakamoto in the Bitcoin whitepaper, primarily centered around Proof-of-Work and the "longest chain rule." It is the idea that the honest, cumulative work of the majority of miners secures the network. It relies on the economic assumption that it is more profitable for miners to act honestly and earn block rewards than to attack the network and risk devaluing their own holdings and future revenue.