The Tech Quiz - Season 31

Greetings friend's hope you are all doing good thanks to @malikusman1 for organizing this contest.

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What is consensus mechanism?

Consensus mechanism is a fault-tolerant mechanism that is employed to find the agreement on the specific alter or state among the distributed procedures or multi-agent systems in blockchain networks. In other words, it is a process used by a distributed network of Nodes in a peer-to-peer network to confirm the genuineness of the hosted transaction and the Sequential order in which such transactions are added to the blockchain.

Consensus algorithms are mostly essential for the blockchain network to operate securely without predefined limitations and prevent problems such as double-spending or when every node has a different vision of the ledger. Many blockchain networks employ very diverse mechanisms of consensus, for example, PoW, PoS, DPoS, and others.

Share some popular consensus mechanisms

There are consensus mechanisms that can be broadly categorized in a blockchain, which includes: Some of the most well-known ones include:Some of the critical aspects of blockchain protocols are consensus algorithms, which help different nodes come to an agreement with regards to the state of the network. The initial consensus mechanism for the protocol implementation in Bitcoin is known as Proof of Work (PoW). This is done in a way that the miners go to extreme effort to solve different mathematical problems which help them to verify a transaction then be in the position to generate new blocks to the chain.

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Proof of Stake (PoS): In this mechanism, conditions are set in a manner that such special users known as validators are allowed to pick and then develop new blocks, a process that directly corresponds to the number of coins held or even the amount which the validators are willing to jeopardize or in other words the “stake’. Delegated Proof of Stake (DPoS): Like what has been observed in the PoS, not every user mines directly but they spend their coins on voting for a certain node which in turn does the mining processes as dictated by the results of the voting system. Proof of Authority (PoA):

This mechanism works under the condition, that a few of the validators are taking their turn to create blocks and the blocks are gone through some kind of validation. From the security management point of view, the ethnic variations of the validators’ identities can be described in terms of recognition, acceptance and, hence, the highest possible degree of security. Proof of Burn (PoB): If someone wants to receive both mining or validation, he he/she can contribute coins into Wallet address that the owner has no way of spending the received coins.

On which consensus does BTC work?

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For instance, when focusing on Bitcoin (BTC) here it operates on consensus mechanism known as Proof of Work (PoW) . Miners have a tendency of straining to fight for the right to solve highly analytic mathematical problems in other to verify transactions as well as the generation of new blocks in the blockchain. This process is a heavy computational task in terms of time and energy to accomplish and plays a crucial role in protecting the network and preventing double-spending.

Thanks for reading my post I'm inviting @morgan76, @rad-austine and @joymm to participate.