• Various cryptocurrencies

    Different Blockchain Consensus Mechanisms Explained – The Definitive Guide

    Key to what makes blockchain secure is its decentralized nature. Before any node [participant] can add a block [set of data] to the chain, it has to be first validated by other nodes. This ensures the risk of malicious or fraudulent blocks being added to the chain is minimal. This, however, still doesn’t resolve the danger of a group hijacking the chain by creating a lot of nodes and hence increasing their chance of their block being added to the chain. To counteract this, a consensus mechanism is implemented, which demands additional commitment for a block to be validated. Here I will explain the different types of blockchain consensus mechanisms,…