What is a consensus mechanism?īefore we look at how the different types of consensus systems in cryptocurrency work, we thought it would be best to give a basic introduction to the concept first.īasically, it’s a collection of rules, initiatives, and incentives that enable nodes within a blockchain to reach agreements regarding the network. That may sound complex, but what this means to you as a user is that your transactions are safe, secure, and confirmed every time you send or receive any digital currency. These approaches have been used to achieve consensus among database nodes, application servers, and other enterprise infrastructure components for decades. New consensus techniques have been developed in recent years to allow cryptoeconomic systems like Ethereum to agree on the state of the network. In a cryptocurrency system, a consensus mechanism also aids in the prevention of certain types of economic attacks. By controlling 51 percent of the network, an attacker can theoretically compromise consensus.
Consensus measures are in place to prevent this “51 percent attack.” Different approaches have been developed to address this security issue in various ways. The two types of consensus mechanisms that you’ll commonly see referenced across the crypto industry as PoW and PoS, or Proof of Work and Proof of Stake.
Ethereum jettison speedier proofofstake upgrade#
PoS vs PoW – what’s the difference?Īt the time of writing, both Bitcoin and Ethereum are based on a Proof of Work consensus protocol, but Ethereum has laid out plans to upgrade its consensus mechanism to a Proof of Stake model, which will help to streamline the process and speed up the rate at which transactions can be completed and added to the blockchain. #ETHEREUM JETTISON MINING SPEEDIER PROOFOFSTAKE UPGRADE#.
0 kommentar(er)
