Glossary - ChicksX

Consensus is a mechanism ensuring all participants in a blockchain agree on the validity of transactions and system state.

Consensus is a fundamental process in blockchain technology. It ensures all network participants agree on the validity of transactions and the current state of the ledger. Different consensus mechanisms, like Proof of Work (PoW) and Proof of Stake (PoS), provide security and trust without a central authority. These mechanisms prevent double-spending and ensure data integrity by requiring network nodes to reach agreement before a transaction is confirmed. By aligning incentives and using cryptographic techniques, consensus mechanisms maintain decentralized control. This reliability is crucial for the trust and functionality of cryptocurrencies and blockchain-based systems.