CONSENSUS ALGORITHM IN CRYPTO

A consensus algorithm is a mechanism used in distributed systems to ensure that all participants agree on a common decision or value.

Consensus algorithms are critical in systems where multiple nodes need to work together to achieve a common goal, such as in blockchain networks.

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[{"selector":"#anim-57ee7ffe-5f4a-4a81-9f23-049a9944b7cc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.74910490725541%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] There are different types of consensus algorithms, including Proof of Work (PoW), Proof of Stake (PoS), and Practical Byzantine Fault Tolerance (PBFT). Arrow

[{"selector":"#anim-5ef10f0f-f7a6-458d-9a12-a5846e910e8b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] In PoW consensus algorithm, nodes compete to solve a cryptographic puzzle, with the winner being rewarded with the ability to add the next block to the chain. Arrow

PoS consensus algorithm works by selecting a validator node based on the amount of cryptocurrency they hold, and the selected node is responsible for creating the next block.

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[{"selector":"#anim-daa6ffe8-7bde-4d89-8e84-994f2a930a86 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] PBFT consensus algorithm works by having nodes communicate with each other to reach a decision on the next block to be added to the chain. Arrow

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