Unique Blockchain Consensus Models Worth Checking Out in 2022
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Most people associated with the crypto market are well aware of the fact that any blockchain-based technology, in its essence, involves the use of distributed, decentralized networks that are designed to deliver a high level of immutability, privacy, security, and transparency. This is because there are no central authorities governing the transactions taking place within such a network even though every associated transaction is considered to be completely secure and verified.
This is made possible due to the presence of a ‘consensus mechanism’, i.e. a governance protocol that lies at the heart of any blockchain. Technically speaking, a consensus algorithm is a digital process by which the members of a particular network can come to a common agreement regarding its current state. To put it another way, consensus mechanisms help make blockchain networks more reliable by fostering trust between all of its participants.
From an operational standpoint, consensus protocols ensure that each and every block being added to a blockchain is totally valid and agreed upon by all of the node operators within the network. In this regard, it should be noted that in recent years a number of novel consensus protocols — apart from the conventional proof-of-work (PoW) and proof-of-stake (PoS) — have made their way into the market. In this article we will seek to list out some of these mechanisms. So without any further ado, let’s jump straight into the heart of the matter.
Distributed Proof of Security (dPoSec) is best described as a highly resilient, decentralized assurance framework that also
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