Consensus is achieved when all participants of the network agree on the order and content of blocks transactions contained in those blocks.

Consensus

Introduction

A consensus is basically a fault-tolerant mechanism which is majorly used in blockchain systems to achieve the necessary agreement on any particular data value or a particular state of network among distributed multi-agent systems, such as the ones in regards to cryptocurrencies. 

Understanding the Consensus Mechanism

In a database holdings system, key information about driving licenses in a country, only the central administrator has the authority to maintain and update the database. 

Moreover, tasks – like adding/deleting/updating names of people who qualified for certain licenses – can be performed only by a central authority who remains the sole in-charge of maintaining genuine records.

However, self-regulating systems work on a global scale without any single authority such as seen in public blockchains. 

They involve contributions from thousands of participants who are constantly working on verification and authentication of transactions occurring on the blockchain.

Types of Consensus Mechanisms

  1. Proof of Capacity: This type of consensus mechanism allows sharing of memory space of the contributing nodes on the existing blockchain network. The more memory or hard disk space a node has, the more rights it is granted for maintaining its public ledger.
  2. Proof of Work: This kind of consensus mechanism is very common and is used by the most popular cryptocurrency networks like bitcoin and Litecoin. It generally requires a participant node to prove that the work done and submitted by them, does qualify them to receive the rights to add new transactions to the existing blockchain.

Consensus

परिचय

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आम सहमति के प्रकार

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