Proof of Consensus

Get an understanding of Proof of Elapsed Time (PoET), a consensus mechanism used in blockchain that ensures fairness and energy efficiency in transaction validation.

Proof of Consensus refers to a mechanism that ensures all participants in a network agree on the validity of transactions. It addresses the challenge of achieving agreement among distributed nodes, which may not trust one another.Consensus algorithms can vary, with popular examples including Proof of Work and Proof of Stake. In Proof of Work, participants (miners) solve complex mathematical problems to validate transactions and create new blocks. This process consumes significant computational resources and energy.Proof of Stake, on the other hand, allows participants to validate transactions based on the number of coins they hold and are willing to “stake” as collateral. This method is generally more energy-efficient and can increase transaction speeds.Both methods aim to prevent malicious activities, such as double-spending, and secure the network by ensuring that all copies of the ledger remain consistent. By achieving consensus, the network maintains its integrity and trustworthiness, allowing users to transact with confidence.

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