A block is a collection of transactions that have happened during a certain amount of time that is added to the blockchain.
The Proof of Participation consensus equally distributes decision power and rewards amongst every node contributing to a blockchain’s operation. This approach removes the link between decision power and resources.
Similar to Proof of Work but instead of computing resources, Proof of Capacity leverages available disk space (storage).
Do you know the consensus mechanism whose reputation of a node is constructed based on its asset, transaction activity, and consensus participation?
Born within Ethereum’s dev team, Proof of Authority consensus algorithm is based on a reputation of block validators and puts it at stake.
Delegated Proof of Stake can be thought of as representative democracy. Token holders vote on a representative who then validates the network for them. DPoS chains have fewer validators what increases efficacy at the cost of increased centralization.
Proof of Stake consensus mechanism, as one of the most common alternatives to Proof of Work, provides a slight improvement to scalability but leads to a “rich get richer” economic paradigm. In POS-based Blockchains, nodes process and validate transactions by proving that they have ownership of a certain amount of the asset, rather than by …
Choosing the right consensus mechanism for your blockchain project is a key decision as each has its pros and cons. Here are the most common consensus protocols and some of their limitations.
Considering we’re in a pre-tech Pen and Paper area. How would the blockchain transaction work in the ‘crypto’ aspect?