Blockchain Consensus Mechanisms

The Blockchain Consensus

Blockchain Consensus Mechanisms:

  • Proof of work is a requirement to define an expensive computer calculation popularly called mining that needs to be performed to create a new group of trustless transactions (Block) on the blockchain.
  • The first block miner who solves the problem gets a reward in return.
  • The network miners compete to be the first to find a solution for the mathematical problem.
  • The transactions that are verified are only stored in the public blockchain.

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