Blockchain Consensus Mechanisms

Most blockchains have a lot of things in common and function in similar ways, but one of the ways in which blockchains can be unique is the way consensus is reached.

Consensus mechanisms are protocols that make sure all nodes (devices on the blockchain that maintain the blockchain and (sometimes) process transactions) are synchronised with each other and agree on which transactions are legitimate and are added to the blockchain.

These consensus mechanisms are crucial for a blockchain in order to function correctly. They make sure everyone uses the same blockchain. Everyone can submit things to be added to the blockchain, so it’s necessary that all transactions are constantly checked and that the blockchain is constantly audited by all nodes. Without a good consensus mechanism the blockchain is at risk of various attacks.

Tonight we'll discuss the most popular consensus mechanisms.