BlockchainBeginner#Tech#Infrastructure
Consensus Mechanism
C
Definition
A fault-tolerant process used in blockchain systems to achieve the necessary agreement on a single data value or network state.
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Concept Diagram
Key Takeaways
1
Consensus mechanisms are protocols that ensure all nodes agree on the state of the blockchain
2
Proof of Work uses computational energy while Proof of Stake uses economic collateral
3
They prevent double-spending and ensure the network remains secure and trustworthy
4
The choice of consensus mechanism affects speed, security, decentralization, and energy usage
Practical Example
Bitcoin uses PoW where miners compete to solve puzzles (10 min blocks, ~7 TPS). Ethereum uses PoS where validators stake ETH (12 sec slots, ~15 TPS). Solana uses PoH+PoS for speed (~65,000 TPS). Each trades off different properties.
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Related Terms
Blockchain
FinalityThe moment at which it becomes impossible to change or revert a transaction once it has been added to the blockchain.
Blockchain
Double SpendA potential flaw in a digital cash scheme where the same single digital token can be spent more than once.
Blockchain
NodeA computer that participates in a blockchain network by storing, validating, and broadcasting transaction data.
Blockchain
Proof of Stake (PoS)A consensus algorithm that chooses validators based on the number of tokens they hold and are willing to 'stake'.
Blockchain
Proof of Work (PoW)A consensus algorithm that requires validators to solve intensive computational puzzles to secure the network.
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