Blockchain consensus refers to the process of validating transactions and maintaining the integrity of the blockchain network. It is achieved through a decentralized system that requires agreement and cooperation among multiple participants, typically referred to as nodes or miners.
The consensus mechanism varies depending on the blockchain network, but the most common one is proof of work (PoW). PoW requires miners to solve complex mathematical problems to validate transactions and add them to the blockchain. The first miner to solve the problem gets rewarded with new coins.
Another consensus mechanism is proof of stake (PoS), which requires users to hold a certain amount of cryptocurrency to validate transactions. The level of validation is proportional to the number of coins held by the user.
In addition, there are other mechanisms like delegated proof of stake (dPoS) and practical Byzantine fault tolerance (PBFT), which rely on delegating authority to a select group of validators or nodes.
Once a consensus is achieved, the validated block is added to the chain permanently. This ensures that transactions are immutable and secure, as any attempt to alter previous blocks would require consensus from the entire network.
