What is Consensus Mechanism

Beginner

1m March 23, 2023

A consensus mechanism (also known as a consensus protocol/algorithm) is a "rule" to make sure all nodes on the blockchain are synchronized (achieve agreement) with each other. In other words, it is a protocol to make every node validator agree on which transaction can be added to the blockchain without any need to trust each other.

There are many different types of consensus mechanisms, depending on the blockchain's application scenarios, such as PoW, PoS, DPoS, PoA, etc. While they have differences regarding their energy usage, security, and scalability, all consensus mechanisms are engaged to ensure transaction records on nodes are credible and secure.

As for the two of the best-known types of consensus mechanisms, please check their TokenWiki: What is PoW and What is PoS.