Consensus
Consensus is the mechanism by which blockchain participants agree on the current state of the ledger. Without a central authority, these algorithms ensure all nodes reach the same conclusion about valid transactions and block ordering.
Understanding the Concept
• Proof of Work uses computational puzzles (Bitcoin) • Proof of Stake uses economic staking (Ethereum) • Different mechanisms trade off security, speed, and decentralization • Byzantine fault tolerance handles malicious actors
Real-World Example
Ethereum's proof-of-stake consensus requires validators to stake 32 ETH. When a new block is proposed, randomly selected validators attest to its validity. If 2/3 of validators agree, the block is finalized. Validators who try to cheat lose their staked ETH (slashing), creating economic incentives for honest behavior.
How Strykr Helps
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