How does blockchain achieve consensus among multiple participants?

3 answers

• May 22, 2022 · 3 years ago
  Blockchain achieves consensus among multiple participants through a process called mining. Miners compete to solve complex mathematical problems, and the first one to solve it gets to add a new block to the blockchain. This block contains a group of transactions that have been validated by the miner. Other participants in the network then verify the block and add it to their own copy of the blockchain. This decentralized process ensures that all participants agree on the order and validity of transactions.
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• May 22, 2022 · 3 years ago
  Consensus in blockchain is achieved through a consensus algorithm, such as Proof of Work or Proof of Stake. These algorithms require participants to prove their commitment to the network by solving computational puzzles or staking their own cryptocurrency. By doing so, participants contribute to the security and integrity of the blockchain, and the consensus algorithm ensures that the majority of participants agree on the state of the blockchain.
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• May 22, 2022 · 3 years ago
  In the case of BYDFi, consensus among multiple participants is achieved through a Delegated Proof of Stake (DPoS) algorithm. DPoS allows token holders to vote for delegates who are responsible for validating transactions and adding new blocks to the blockchain. These delegates are chosen based on their reputation and stake in the network. This consensus mechanism ensures fast and efficient transaction processing while maintaining decentralization and security.
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