There is only one state of truth in a blockchain. But how can we make sure the state of truth doesn’t get tampered with? Consensus algorithms are protocols that nodes use to agree with each other on the one and only state of truth in the blockchain. In this video, we explain to you the definition of consensus algorithms and how they work. In this video, we answer:
– What is the consensus algorithm?
– What are the benefits and what are the limitations?
– What types of consensus algorithms are available?
– What are the best options?
It also introduces Proof of Participation, vs Proof of Work and Proof of Stake.