Everything You Need To Know About Consensus Algorithms (Part 1)

in consensus •  last year

Consensus


A blockchain is an immutable ledger maintained by a decentralised, distributed, peer-to-peer network of nodes. Each mutually distrusting node performs in accordance with a consensus algorithm. Consensus can be thought of as ‘voting’ to build agreement among the nodes on a common, unambiguous ordering of transactions and blocks.

The consequences of failure


The consensus algorithm plays a crucial part in determining whether a blockchain can succeed for its intended purpose. The consensus mechanism should guarantee the blockchain’s integrity and consistency across all nodes, to safeguard the key blockchain properties of immutability and auditability. A poor choice of consensus mechanism can render the blockchain platform useless by compromising the data recorded on it.
An inferior consensus mechanism can result in a Blockchain fork which occurs when different nodes converge on different blocks as the ‘true’ blockchain.

Consensus failure


Occurs when the nodes fail to reach consensus (e.g. from failure to reach required supermajority, failure due to node or network failure, non-compliant nodes, or inability to resolve consensus due to inconsistent messages).

Dominance


Occurs when a group of nodes can manipulate consensus to confirm and process transactions according to their own rules (e.g. Sybil1 or ‘51%’2 attack).

Cheating


Occurs when validating nodes can maintain parallel and different forks in the blockchain, allowing them to ‘double spend’ fraudulently.

Inferior Performance


Occurs when the consensus is unacceptably slow to converge under certain conditions.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Therefore steem blockchain and network is vulnerable to a malform.

Thanks for this informative post!

good post- thank you!

ı follow you thanks for your post and blog