The Tech Quiz - Season 31
Assalam O Alaikum |
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Hello dear friends! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to participate in this amazing contest which is organized by @malikusman1 in this Steem4bloggers community. The topic of this contest is "The Tech Quiz - Season 31". So let's start without any more delay of time.
What is consensus mechanism? |
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Friends in the context of crypto currencies and blockchain technology the consensus mechanisms are the special protocols which connects all the nodes of the system on a specific set agreements. This is because the blockchain networks are consists of different cryptographic algorithms and smart contracts which provides the foundation to the platform to work smoothly or affectively. In this regard we can say that the consensus mechanisms has a great role in the working of a platform which is based on the blockchain technology.
Also the consensus mechanisms provides a great level of security to the people of specific decentralized or blockchain bases platform as it allow the people or contributors of the network to achieve agreement on a single set of data and other information. So in that way it makes it clear that each and every participant of the network is agree on that set of data and we can say that it provides a most reliable, efficient and secure platform.
Share some popular consensus mechanisms |
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Yes in this digital world of crypto currencies and blockchain technology different types of consensus mechanisms are used which have different features, specifications and working process. All these mechanism plays a vital role in providing security, authenticity and transparency to the platforms. So let's have a look at some of most famous consensus mechanisms.
1. Proof of Stake (PoS);
- It is one of the most famous consensus mechanism which is used by the Ethereum network and many other digital currencies. It validates the transactions on the basis of the amount which the people are staking in a specific platform and add new blocks to it.
2. Proof of Authority (PoA):
- It is another mechanism which is used mostly in permissionized blockchain system as here the users are selected privately who want to contribute within the network. Also it reduces the consumption of energy and the fees of transaction but provide better output as compared to others.
3. Delegated proof Of Stake (DpoS);
- It is the consensus mechanisms which works on the basis of delegation which users do in the platform and then the delegates are rewarded on the basis of delegated amount. That mechanism is usually used by the Tron network and other digital currencies too.
On which consensus does BTC works? |
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Friends as we all know that the Bitcoin is the largest crypto currency in the world And due to that reason it holds a great significance among the crypto traders, stakeholders and investors. As the price fluctuations of Bitcoin can affect the prices of other digital currencies and alt coins too. Besides it any of misshapen such as hacking, frauds and thefts within the Bitcoin network can affect other Crypto currencies. So to avoid all these things the Bitcoin network's management don't want to put them in such a situation.
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That can be the main reason behind that the Bitcoin use one of the most effective consensus mechanisms Proof of work (POW) to validate transaction by solving the complex mathematical puzzles and cryptographic algorithms within the network. In this way it make it network more secure, transparent and reliable to every individual as it requires a great knowledge and experience. Also it solve the scalability issues of Bitcoin.
So friends that was my entry about that topic and I hope you will enjoy reading it. Now it is a time to say goodbye to everyone and I want to invite my friends @jiya99, @sahmie, @barbareek and @hudamalik20 to take a part in this amazing contest.
TEAM 5