Consensus algorithm related to Blockchain
What is Consensus Algorithm?
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Consensus algorithm related to Blockchain
pulab
In blockchain technology, no one is in charge as governance is done by consensus only. Such consensus in turn is based on algorithms that allow users and nodes to almost automatically agree on the outcomes of the process. The four major consensus algorithms are Proof of Work (PoW), Proof of Stake (PoS), Proof of Importance (PoI) and voting-style algorithms. These algorithms use consensus mechanisms stated to reach an agreement over shared data in peer-to-peer networks.
Tammachir Suwanno
Consensus algorithm may refer to one of several proposed protocols for solving the consensus problem in the field of Computer Science.
Ashish Jaiswal
The very first implementation of a distributed and trustless consensus algorithm is Bitcoin’s proof-of-work (PoW) algorithm. PoW requires miners to solve complex cryptographic puzzles before they can add a block to the blockchain. In exchange for solving the puzzle, miners are rewarded with bitcoins, this is known as a block reward.
Ashish Jaiswal
A consensus algorithm is a process used to achieve agreement on a single data value among distributed processes or systems.