Consensus Mechanisms Explained: How Blockchain Stays Trustworthy Without a Middleman
Consensus Mechanisms Explained: How Blockchain Stays Trustworthy Without a Middleman! At the core of every blockchain lies a simple but powerful idea: trust without a central authority. This trust is made possible through consensus mechanisms. These protocols allow decentralized networks to agree on the state of data, such as transaction records, without needing a central entity like a bank or government. If you’ve ever wondered how cryptocurrencies like Bitcoin or Ethereum verify millions of transactions across the globe without a central server, consensus mechanisms are the answer. In this article, we’ll explore consensus mechanisms, why they matter, and how different types shape the future of decentralized systems. What Is a Consensus Mechanism? A consensus mechanism is a method used by blockchain networks to agree on a single source of truth. Since blockchains are distributed systems with no central authority, they require a reliable way to validate and record transactions ac...