A Beginner’s Guide to Consensus Mechanisms in Blockchain

A Beginner’s Guide to Consensus Mechanisms in Blockchain What is a consensus mechanism? Blockchain consensus is the process through which the network’s peers come to an understanding of the current state of the data. Consensus algorithms accomplish this by establishing dependability and credibility in the Blockchain network. Why Consensus Mechanisms Are Necessary for Blockchains? The foundation and security of all cryptocurrency blockchains are consensus mechanisms. We must first define what it means for blockchains to reach a consensus before delving into the various consensus processes. A blockchain is a digital ledger that is distributed, decentralized, and often public and used to record transactions. Each of these transactions is represented as a separate “block” of data that must first pass independent peer-to-peer network verification before being included in the chain. This technique tackles the issue of “double-spending” and assists in protecting the blockchain against fraudul...