The Tech Quiz - Season 31
What is consensus mechanism? |
|---|
★CONSENSUS MECHANISM IS A PROTOCOL THAT BRINGS ALL NODES OF DISTRIBUTED BLOCKCHAIN NETWORK INTO THE AGREEMENT OF A SINGLE DATA SET THE ACT AS VERIFICATION STANDARDS THROUGH WHICH EACH BLOCKCHAIN TRANSACTION GETS APPROVED....
★It is itself regulatory stack of software protocols written into blockchains code that synchronizes a network into the agreement about the state of the digital ledger
★It is done by keeping a single data set the mutually agreed upon the version of the blockchains transaction history rather than employing each node or the network computer that involves individually on copy of the database in the entirely.....
Why they are important in block chains? |
|---|
★THEY SERVE AS INCENTIVE PROGRAMS FOR GOOD BEHAVIOR THEY PREVENT THE DOUBLE SPENDING WHEN A DIGITAL TOKEN IS SPENT MORE THAN ONCE EITHER INTENTIONALLY OR UNINTENTIONALLY DUE TO THE GLITCH IN THE SYSTEM....
★WITHOUT THE CONSENSUS ONE COULD SPEND MONEY IN ONE PLACE AND THEN SPEND THAT SAME MONEY AGAIN BEFORE THE FIRST TRANSACTION SETTLES ULTIMATELY DISPLAY IMPORTANT ROLE IN DEVELOPING THE TRUST IN THE BLOCKCHAIN ITSELF....
★WITHOUT THE CONSENSUS MECHANISM IT WOULD BE VERY EASY FOR BAD ACTORS TO CORRUPT THE BLOCKCHAINS....
What are important consensus mechanisms? |
|---|
The diaper the mechanisms depend upon the different principles on which they work...
★ PoW (PROOF OF WORK) IS IT COMMON MECHANISM WHICH IS USED BY THE POPULAR CRYPTOCURRENCY NETWORKS SUCH AS BITCOIN AND LITECOIN IT REQUIRES A PARTICIPANT TO PROVE THAT THE WORK IS DONE AND SUBMITTED BY THEM IS VALID AND THERE SHOULD BE LARGE NETWORK OF THE PROGRAMS TO VERIFYY IT .... HOLIDAY IS YOU GUYS ARE HIGH ENERGY CONSUMPTION AND IT IS A LONG PROCESSING TIMES....
★ PoS(PROOF OF STAKE)
It is another mechanism that evolved as a low cost it is a low energy consuming in contrast to POW It involves the responsibility in proposing the new blocks to the participant not in the proportion to the number of the currency tokens held The rest of the network verifies the block and adds to the blockchain if consensus is reached.....
★ PoH (proof of history)... It in goods the passage of the time cryptographically to achieve the consensus without the expanding many resources.....
★PoW and PoS are the most prevalent in the blockchain space others include POC which is proof of capacity It allows the contributing notes to the share storage space.....
★ PoA this is a proof of activity It is used on the decred blood chain reason was the use of the inspectors of both POW and POS. ...
★ PoB requires the transectors to send small amount of the cryptocurrency in the world address in effect burning them out of existence....
Through for work is a common consensus mechanism used by the most popular cryptocancy networks such as Bitcoin and Litecoin.......
On which consensus BTC work ? |
|---|
Pic taken from https://pixabay.com/photos/search/consensus/
I would like to invite
@hafizhanmyesha
@yanti84
@jannat12
To participate in this contest ....
ALLAH HAFIZ❤️ |
|---|
TAKE CARE ❤️ |