Glossary - ChicksX

Consensus Algorithm is a protocol ensuring agreement among distributed network nodes for data integrity and transaction validation.

Consensus Algorithm is a fundamental protocol used in blockchain and distributed networks. It ensures all participating nodes agree on the validity of transactions and data. This agreement process helps maintain the network's integrity and security, preventing issues like double-spending. Different algorithms, like Proof of Work (PoW) or Proof of Stake (PoS), use varied methods to achieve consensus. By aligning the incentives of network participants, consensus algorithms enable decentralized and trustless systems to function efficiently. Their role is crucial for maintaining the decentralized nature and reliability of cryptocurrencies, supporting seamless and secure transactions across the network.