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What is the consensus mechanism used in the world of cryptocurrencies?

avatarastute-hopliteDec 19, 2021 · 3 years ago1 answers

Can you explain the consensus mechanism used in the world of cryptocurrencies? How does it work and why is it important?

What is the consensus mechanism used in the world of cryptocurrencies?
Cryptocurrencies
Consensus Mechanism
Blockchain

1 answers

  • avatarDec 19, 2021 · 3 years ago
    At BYDFi, we use a consensus mechanism called Delegated Proof of Stake (DPoS). In DPoS, token holders vote for delegates who are responsible for validating transactions and creating new blocks. These delegates are chosen based on their stake in the network, and they take turns producing blocks. DPoS is known for its scalability and energy efficiency, making it a popular choice for many blockchain projects. It allows for fast transaction confirmations and reduces the risk of centralization. With DPoS, BYDFi ensures a secure and efficient consensus mechanism for our users.

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