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Distributed consensus is a mechanism used in decentralized systems, such as blockchain networks, to achieve agreement among distributed nodes on the state or validity of shared data. In the absence of a central authority, achieving consensus is critical for maintaining the integrity and functioning of the system. Various algorithms, such as Proof of Work (PoW) and Proof of Stake (PoS), have been developed to facilitate this process. The goal is to ensure that all participants in the network agree on the truth, even in the presence of faulty or malicious nodes, thereby preventing double-spending, fraud, or data corruption. Distributed consensus is particularly relevant in scenarios involving financial transactions, data storage, or any system where multiple entities must coordinate to reach a common understanding of shared information. While the concept brings about increased security and reduced need for intermediaries, it also poses challenges, such as scalability and energy efficiency, that researchers and practitioners are actively working to address.
Published: Dec. 17, 2023, 1:42 p.m.
The advent of blockchain technology brought about a paradigm shift in the digital world, laying the foundation for decentralized applications and cryptocurrencies. Among the myriad of blockchain platforms, Polkadot … Read More
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