Role of consensus algorithms in blockchain networks from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Consensus algorithms play a crucial role in blockchain networks. They enable a distributed network of nodes to agree on the current state of the blockchain without the need for a central authority. In other words, they ensure that all participants in the network are on the same page regarding the validity of transactions and the order in which they are added to the blockchain.
There are various types of consensus algorithms, each with its own set of rules and mechanisms for achieving agreement among network participants. One of the most well-known consensus algorithms is Proof of Work (PoW), which is used by Bitcoin. PoW requires participants, known as miners, to solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain. The first miner to solve the puzzl...
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