Launched in 2011, blockchain gained popularity among people in the past few years. Before this, hardly anyone knew about this revolutionary technology.
Do you know what has brought blockchain from shadows into the limelight? Well, it’s the cryptocurrency boom. How ironic is it? Cryptocurrency is the use case of blockchain. But people came to know about blockchain with the rise of digital currencies, like Bitcoin, Ethereum, and many more.
Today, we can see numerous businesses and government and non-government organizations relying on DApp development solutions to improve their security, immutability, and productivity.
Did it ever cross your mind how blockchain achieves this without any centralized authority? If yes, then the answer is Blockchain Consensus Algorithm.
● What is Blockchain Consensus Algorithm?
It is a procedure that allows the Blockchain network’s peers to come to a common consensus regarding the real-time state of the distributed ledger. With a consensus mechanism, the blockchain network builds trust between various nodes and achieves reliability among users. On the other hand, the network promises a high level of security to everyone. Thus, the Blockchain Consensus mechanism plays a crucial role in DApp development. To know more about the objectives of the Blockchain Consensus mechanism, read below.
● The goals and objectives of the Blockchain Consensus mechanism
○ Attaining unified agreement - It is one of the primary objectives of the Blockchain Consensus mechanism, which is not possible in centralized systems. It’s because the authority has to gain trust. The Blockchain Consensus protocols ensure the data used is legitimate, accurate, and up-to-date.
○ Align reward benefits - If you want to build a system that regulates on its own and requires no trust-building, make sure it meets the interests of participants. Its protocol offers an economic incentive to good actors.
○ Fair and just - Another advantage of the consensus mechanism is that it allows everyone to participate in the network on the same ground.
Apart from this, the Blockchain Consensus verifies and validates each transaction to prevent double-spending while making the network reliable and fault-tolerant.
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