What is a consensus algorithm?
What is a consensus algorithm?
Hello,
I have been reading up on blockchain technology and came across “consensus algorithm”. After reading I found that there are certain types of algorithms. Can you guys elaborate on this?
Thanks
Coin Ceylon Approved Changed status to publish October 29, 2021
A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies. It is useful in record-keeping, among other things.
Coin Ceylon Approved Changed status to publish November 2, 2021