Consensus

Short Description:

Consensus is the mechanism by which decentralized networks achieve agreement on transaction validity and blockchain state without a central authority, employing algorithms like Proof of Work (PoW) or Proof of Stake (PoS).

Main Description:

Consensus refers to the mechanism by which participants in a decentralized network agree on the validity of transactions and the state of the blockchain. Consensus algorithms, such as Proof of Work (PoW) or Proof of Stake (PoS), are used to validate and verify transactions, prevent double-spending, and maintain the integrity and security of the blockchain. These algorithms involve computational puzzles or stake-based voting systems that incentivize network participants to behave honestly and secure the network against malicious attacks.