How does blockchain achieve consensus among participants?

3 answers

• Feb 19, 2022 · 3 years ago
  Blockchain achieves consensus among participants through a decentralized mechanism called proof of work. In this process, participants, known as miners, compete to solve complex mathematical puzzles. The first miner to solve the puzzle adds a new block of transactions to the blockchain. This block is then verified and accepted by other participants, ensuring consensus on the state of the ledger. The proof of work mechanism provides security and prevents malicious actors from tampering with the blockchain.
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• Feb 19, 2022 · 3 years ago
  Consensus in blockchain is achieved through various algorithms, such as proof of stake and delegated proof of stake. These algorithms rely on participants holding a certain amount of cryptocurrency as collateral to validate transactions and create new blocks. By staking their own tokens, participants have a vested interest in maintaining the integrity of the blockchain, as they stand to lose their collateral if they act maliciously. This incentivizes honest behavior and ensures consensus among participants.
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• Feb 19, 2022 · 3 years ago
  In the case of BYDFi, a digital currency exchange, consensus among participants is achieved through a combination of proof of work and proof of stake mechanisms. Miners validate transactions and secure the network through proof of work, while participants who hold BYDFi tokens can stake them to participate in the consensus process. This hybrid approach ensures both security and decentralization, making BYDFi a reliable and trustworthy platform for digital asset trading.
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