Blockchain Consensus Mechanisms
Blockchain consensus mechanisms are protocols that ensure all nodes in a decentralized network agree on the state of the blockchain. They play a crucial role in maintaining the integrity and security of the system. Two common consensus mechanisms are Proof of Work (PoW) and Proof of Stake (PoS).
Proof of Work (PoW):
In PoW, miners compete to solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain. The first miner to solve the puzzle broadcasts the solution to the network, and if it's verified by other nodes, the new block is added, and the miner is rewarded with cryptocurrency. PoW requires significant computational power and energy consumption.
Proof of Stake (PoS):
PoS selects validators to create new blocks based on the amount of cryptocurrency they hold and are willing to "stake" as collateral. Validators are chosen randomly or based on factors like wealth or age of holdings. PoS is considered more energy-efficient than PoW but still ensures network security by requiring validators to have a stake in the system.
Other consensus mechanisms include Delegated Proof of Stake (DPoS), Practical Byzantine Fault Tolerance (PBFT), and Proof of Authority (PoA). Each mechanism has its own trade-offs in terms of security, scalability, decentralization, and energy efficiency, making them suitable for different blockchain networks and use cases.
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Upvoted! Thank you for supporting witness @jswit.
I think steemit works on DPOS ( delegated PROOF of stake.
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