consensus mechanism
kun-SEN-sus MEK-uh-niz-um
kənˈsɛnsəs ˈmɛkənɪzəmListen
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Dictionary meaning
a protocol by which all participants in a distributed blockchain network agree on a single valid version of the ledger without relying on a central authority to adjudicate disputes; consensus mechanisms solve the Byzantine Generals Problem — the challenge of reaching reliable agreement among distributed parties when some may act dishonestly or malfunction; major consensus mechanisms include proof of work, in which nodes compete to solve cryptographic puzzles; proof of stake, in which validators are selected in proportion to their staked cryptocurrency; delegated proof of stake; proof of authority; and practical Byzantine fault tolerance; the choice of consensus mechanism determines a blockchain's security, energy consumption, transaction throughput, and degree of decentralisation, making it one of the most consequential design decisions in blockchain architecture
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