What is a consensus mechanism?. The consensus mechanism determines… | by ether crisis | Coins | December 2023

By Crypto Gloom On Jan 1, 2024

The consensus mechanism determines the state of the blockchain. Testing consensus mechanisms is a way to respond to security and blockchain issues. The two most common consensus mechanisms are Proof of Work (POW) and Proof of Stake (POS).

Captive:

In this system, miners compete with each other to solve the cryptographic function that links the previous block to the current block.
Spoofing the network requires 51% of total computing power, but the system is secure because doing so requires more money than it earns.

POS:

Stakers stake cryptocurrencies for a chance to be chosen as a validator, where they create the next block on the blockchain.
The system is secure because it has a system of rewards and penalties for the collateral staked by stakers. Fraudulent activities are punished by taking a portion of the staked cryptocurrency as collateral.

Although these systems are secure, they still have to contend with attacks and contentions on the blockchain. These may include: Sybil resistance and Chain selection rules. Sybill resistance is a measure of how well a system or protocol performs against Sybill attacks. all Sybil Attack This is when a user behaves like many users. Establishing equality and fairness in blockchain requires resistance to these attacks. Both POS and POW counter this by demanding large sums of money to carry out these attacks. When two or more appear in a blockchain, a chain selection rule is needed to determine which chain is correct. POW determines this by choosing the chain on which more computational work has been performed. POS handles this in a similar way. Total validator votes determine which chain is selected, and these validator votes are determined by the amount of Ethereum staking.

If you want to know more, check out the link below.

consensus mechanism

What is the consensus mechanism of blockchain and cryptocurrency?

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