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Browsing Concept: Consensus Mechanism

A process or system by which multiple parties are able to reach consensus. In the context of cryptocurrencies, it’s the process which allows for everyone to agree on everyone else’s money balance. E.g. Bitcoin employs Nakamoto consensus via PoW mining.

Browsing 18 results under Consensus Mechanism
Proof of Space Time (PoST) Summary [Cryptocurrency consensus mechanisms]
Physicists have been discussing spacetime since the early 1900's. A very smart person, by the name of Albert Einstein, modeled space as 4 dimensions rather than just 3. The axis w...
Gese: Watch What You Drink
Update The current Gese website seems to be unrelated to the project described in this announcement. The original Gese Twitter account is also no longer active: There...
COTI: Fin Tech Company that is Building a Base Protocol
COTI, Currency Of The Internet, presents users with a scalable and user-friendly cryptocurrency by using an innovative base-layer protocol in the form of a directed acyclic graph-...
Is your cryptocurrency at risk of a 51% attack?
Half plus one attacks could theoretically happen to any Proof of Work based cryptocurrency. The amount of risk of such an attack happening depends on several factors, including...
ELI5 : What is Proof of Trust (PoT)?
Proof of Trust is a consensus mechanism where users "stake" the trust they've earned in a network in order to verify cryptocurrency transactions. In a proof of trust system, us...
What is the difference between digital money and cryptocurrencies?
Cryptocurrencies are a form of digital money, but what we normally understand as digital money is represented in fiat currency. For instance, prepaid cards, virtual credit cards a...
How decentralized is Bitcoin? How can Bitcoin be secure if nobody controls it?
Bitcoin's decentralized consensus system is the key to understanding how it can be secure without anyone in particular having to verify every transaction. In the same article, we'...
ELI5 What is Nakamoto consensus?
Cryptocurrencies are an application of the more general distributed computing field of research. While Bitcoin's potential impact on financial markets sent it straight to the ...
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