π What is consensus?
Let's understand it with an example :
If your family is planning to buy a car and if more than half of the persons in the family agree upon a certain model of the car, then we say we have reached a consensus or in simple terms agreement upon something.
Let's understand it with an example :
If your family is planning to buy a car and if more than half of the persons in the family agree upon a certain model of the car, then we say we have reached a consensus or in simple terms agreement upon something.
π What is blockchain consensus mechanism?
Since blockchain is a public distributed ledger and an agreement is required from every node in the network to make any addition to the blockchain, it is nothing but a certain procedure to reach an agreement upon current state of network
Since blockchain is a public distributed ledger and an agreement is required from every node in the network to make any addition to the blockchain, it is nothing but a certain procedure to reach an agreement upon current state of network
π Why is a consensus mechanism required?
In a centralised world, where the central authority is solely responsible for everything & ensures trust. In a decentralised world, in order to prevent chaos a mechanism or system is required to reach to a consensus for any decision made
In a centralised world, where the central authority is solely responsible for everything & ensures trust. In a decentralised world, in order to prevent chaos a mechanism or system is required to reach to a consensus for any decision made
π What is Proof-Of-Work?
- Proof-Of-Work got it's name for the work the computer nodes called as miners do while competing to solve a complex mathematical puzzle by hit and trail method to find a number called as nonce, in order to add the next block in blockchain
- Proof-Of-Work got it's name for the work the computer nodes called as miners do while competing to solve a complex mathematical puzzle by hit and trail method to find a number called as nonce, in order to add the next block in blockchain
- Once the puzzle is solved by the fastest miner, it's sent to the network which is then validated & the solver is rewarded with newly mined crypto
- One key feature of this mechanism is the difficulty to solve the problem and ease to cross check the results by rest of the nodes
- One key feature of this mechanism is the difficulty to solve the problem and ease to cross check the results by rest of the nodes
π What is the problem with Proof-Of-Work?
Since solving the puzzle requires a lot of computational power and hence high electricity consumption. Hence it is not good for the environment.
FACT : Bitcoin mining which uses PoW consumes more energy than some countries do in a yearπ¨
Since solving the puzzle requires a lot of computational power and hence high electricity consumption. Hence it is not good for the environment.
FACT : Bitcoin mining which uses PoW consumes more energy than some countries do in a yearπ¨
π What will the next thread be on? It'll be specifically on one of the other consensus algorithms called Proof of Stake
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