Blockchain Consensus Mechanism

Pros and Cons of Different Consensus Protocols

Consensus mechanisms (also known as consensus protocols or consensus algorithms) are used to verify transactions and maintain the security of the underlying blockchain. A consensus algorithm blockchain is a protocol that makes sure all nodes are synchronized with each other. Furthermore, it decides which transactions are valid and are added to the Blockchain. The primary role of these systems is to ensure the continuity and sustainability of the network.

Cryptocurrencies use a consensus algorithm, which is a method of securing the blockchain and ledger of a cryptocurrency. The thousands of cryptocurrencies today use a variety of consensus algorithms, each with its advantages and disadvantages. Below evaluation criteria shows that there are some criteria for choosing the most suitable consensus algorithm for the selected project.

Since it’s hard for blockchains to achieve optimal levels of all three properties of the blockchain trilemma simultaneously, which are decentralization, security, and scalability, people are experimenting with different consensus mechanisms and scalability solutions, such as sharding, sidechains, and state channels.