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how to implement consensus in blockchain

How do you get a consensus in blockchain?

Blockchain Consensus Mechanisms It requires a participant node to prove that the work done and submitted by them qualifies them to receive the right to add new transactions to the blockchain. However, this whole mining mechanism of bitcoin needs high energy consumption and a longer processing time.

What form of consensus can be achieved with a blockchain?

Essentially, the consensus protocol makes sure that every new block that is added to the Blockchain is the one and only version of the truth that is agreed upon by all the nodes in the Blockchain.

How is consensus achieved in private blockchain?

In a private blockchain, consensus is usually achieved through a process called selective endorsement. It is based on the concept that network participants have gained permission to be there and that the participants involved in a transaction are able to confirm it.

How does the Bitcoin network achieve consensus?

Bitcoin consensus mechanism The consensus mechanism of Bitcoin is proof-of-work [2] that nodes accept of valid blocks by increasing them. To add new block to the chain, the node has to execute calculate work, known as PoW.

How is consensus algorithm implemented?

The consensus algorithm consists of firstly setting up a process to validate, verify, and confirm transactions, then recording the transactions in a large distributed directory, creating a block record (a chain of blocks), and finally implementing a consensus protocol.

What is an example of a consensus algorithm?

Consensus algorithms have many real-world applications in decentralized or distributed computer networks. One of the most common applications is blockchain. Blockchain is the distributed ledger most associated with bitcoin cryptocurrency.

What are the two commonly used consensus models in blockchain?

Most blockchain projects use one of the three currently most common consensus algorithms: Proof of Work (PoW), Proof of Stake (PoS) or Delegated Proof of Stake (DPoS). All these mechanisms aim at ensuring that all participants dispose of identical copies of the distributed database files.

What is the best consensus mechanism?

An extensive list of consensus mechanisms to be ranked. Byzantine Fault Tolerance (BFT) and Ripple Protocol Consensus Algorithm (RPCA) are the best of the rest.

What are types of consensus algorithms?

In Blockchain networks, the three main kinds of consensus algorithms for arriving at consensus in a distributed manner are Proof of Work (POW), Proof of Stake (POS), and Practical Byzantine Fault Tolerance (PBFT).

What are the types of consensus?

In Blockchain networks, the three main kinds of consensus algorithms for arriving at consensus in a distributed manner are Proof of Work (POW), Proof of Stake (POS), and Practical Byzantine Fault Tolerance (PBFT).

How many consensus are there in blockchain?

There are three basic types of blockchain: public blockchain, consortium blockchain and private blockchain [2]. Each type of blockchain has different application scenarios. The adopted consensus protocol thus needs to fit the demands of specific application scenario.