Consensus Mechanism

A consensus mechanism is the protocol that ensures all participants in a blockchain network agree on the validity of transactions and the state of the ledger. It is a crucial part of blockchain technology, ensuring the network remains secure, decentralized, and operational. Popular consensus mechanisms include Proof of Work (PoW), used by Bitcoin, where miners compete to solve complex puzzles and validate transactions, and Proof of Stake (PoS), used by Ethereum 2.0 and Cardano, where validators are chosen based on the amount of cryptocurrency they have staked. Other mechanisms include Delegated Proof of Stake (DPoS), Proof of Authority (PoA), and Practical Byzantine Fault Tolerance (PBFT). Consensus mechanisms are critical for preventing double-spending, ensuring immutability, and maintaining the trustless nature of blockchain systems.