Consensus Protocols

Blockchains are distributed databases designed to record, communicate, and transact information without a central authority. Most blockchains are built on a distributed network of individual nodes that work together to provide transactions that take place on the network that they all share. Therefore, every blockchain network needs to have a mechanism that helps ensure all its nodes are synchronized with each other and agree on which transactions are legitimate and should be added to the blockchain. This decentralized system for determining the actual state of the blockchain is called the Consensus Mechanism. In addition to securing the core operations of a blockchain, consensus mechanisms can directly impact the financial and security parameters of the network on which they are based.

Most blockchains have three essential attributes: Scalability, Decentralization, and Security – which developers must find a way to encode into the network's algorithmic DNA. The three competing priorities have been dubbed the "Blockchain Trilemma" by Vitalik Buterin, co-founder of Ethereum. Designing and implementing an efficient decentralized network governance model that balances all three attributes is an eternal challenge. As a result, different networks have come up with other blockchain consensus mechanisms that best suit their strategic priorities.

Proof-of-Work (PoW)

Proof of work (PoW) is the first consensus algorithm created in the Blockchain network, used to confirm transactions and produce new blocks in the chain.

The PoW algorithm is an essential part of the cryptocurrency mining process. This is a basic consensus model of Bitcoin and Bitcoin is the cryptocurrency that pioneered the use of PoW. Accordingly, it was designed by Satoshi Nakamoto himself.

PoW requires the owners of computers in the network to solve a complex math problem to add a block (block) to the chain. However, the answer to the math Block validators Block validators in PoS refer to full nodes that verify that the blocks generated by the witness follow the consensus rules. Any user can run the block validator and verify the network. There is no incentive to be a block validator. PoW can ensure the safety of the entire network. This is the main purpose of why many cryptocurrencies use PoW. Suppose multiple nodes are competing to determine the resolution of the problem. In that case, the computational power required will become so high that the chain will become unattainable for one or even a small group of hackers.

• Solving the Byzantine common problem in an open network where miners can create arbitrary identities

• Detect spammers. 2.3.4.2 Practical Byzantine Fault Tolerance (PBFT) The practical Byzantine Fault Tolerance model pBFT (Practical Byzantine Fault Tolerance) mainly focuses on providing a realistic Byzantine state machine replica that is tolerant of Byzantine faults (malicious nodes) through the assumption of independent node failures and manipulated messages transmitted by specific, independent nodes. Byzantine Fault Tolerance (BFT) is a well-studied concept in distributed | Meme-chain.xyz 19 problem is not easy.

• A decentralized ledger gathers all transactions into blocks in a network. Solving this problem is called mining, and "miners" are participating nodes competing to validate transactions and receive rewards in cryptocurrency.

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PoW can ensure the safety of the entire network. This is the main purpose of why many cryptocurrencies use PoW. Suppose multiple nodes are competing to determine the resolution of the problem. In that case, the computational power required will become so high that the chain will become unattainable for one or even a small group of hackers.

• Solving the Byzantine common problem in an open network where miners can create arbitrary identities

• Detect spammers.