#3 Consensus algorithms in Blockchain

What is Consensus ?

Consensus is a mechanism by which all nodes participating in a network agree upon proposed value by a node.

Most common types of Consensus algorithm in blockchain :

1.Proof of work – Bitcoin

2.Proof of stake – Ethereum

3. Proof of Authority – Ropsten/ Kovan network.

4. PBFT (Byzantie Fault tolerant systems) – Consensus is achieved by selecting node leaders by voting,round robin fashions etc.. (Corda ,Hyperledger).

Explanation of each of consensus algorithm above would be shared as a separate post.

 

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