Overview
Consensus algorithms are fundamental protocols used in blockchain technology to achieve agreement on the state of the blockchain among distributed nodes. These algorithms ensure the integrity and security of the blockchain by preventing malicious activities and ensuring that all transactions are valid and agreed upon by all participants in the network.
Importance
Consensus algorithms are crucial in maintaining the decentralized nature of blockchain networks. They eliminate the need for a central authority by enabling a group of distributed nodes to collectively validate transactions and create new blocks. This process ensures that the blockchain remains secure, immutable, and resistant to attacks.
Comprehensive Full List of all Consensus Algorithms
- Proof of Work (PoW): Original consensus algorithm requiring miners to solve complex puzzles. Used by Bitcoin
