Tag: Proof of Work

Consensus

Consensus mechanisms (also known as consensus protocols) allow distributed systems (networks of computers) to work together and stay secure. In regards to blockchain, the process is formalized, and reaching consensus means that at least 51% of the nodes on the network agree on the next global state of the network. Dominant consensus mechanisms are Proof …

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Proof of Work

Proof-of-work is a system used to decide who can add new blocks to a blockchain. Miners use their computational power to win the right to create the next block with its record of transactions. Proof-of-work helps ensure the integrity and the security of the blockchain as a whole.