You must have heard or read about the consensus algorithm. But doesn’t know much. then just sit back and relax because in this article we are going to kick off the consensus algorithm.
Listen to the full article on audio
From all the past articles, you must have got a proper idea about blockchain. Well, blockchain is trustworthy. However, there is no main authority or third party is present, to do the verification of transactions and yet each transaction in the blockchain is believed to be secured and verified. I know, you must be thinking, how does blockchain execute transactions? With the help of the consensus protocol. It is a root part of any Blockchain network. Now it’s time to deal with the consensus algorithm. Let’s start.
What is the consensus algorithm?
A consensus algorithm is a process to reach a common agreement about the present state of the distributed ledger with help of all the members of the Blockchain network. Fundamentally, the consensus protocol assures that every new block that is being added to the blockchain is the only real version of the truth that is agreed upon by all the nodes in the Blockchain. And so forth, reliability can be gained using a consensus algorithm in the Blockchain network which ultimately assists to praise the trust between unknown members.
For a distributed network, It is unusual for all the system nodes to be online every time, whenever a consensus is needed. Also, we cannot neglect the odds or possibility of some data getting lost during transmission.
A consensus algorithm serves as the remedy or solution for the problem that a distributed or multi-agent system faces. It makes sure that consensus is being achieved with minimal resources and also it keeps the integrity and transparency in the choices or decisions it takes. The consensus algorithms only require a reply from 51% of the resources at a time, to ensure that the whole system is fault-tolerance.
