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Crypto Terms:  Letter C

What is Consensus?

Meaning:
Consensus - an agreement reached between all network participants on the content and order of the blockchain blocks.
easy
2 minutes

Let's find out Consensus meaning, definition in crypto, what is Consensus, and all other detailed facts.

Consensus is the outcome of an agreement between all participants in a blockchain network on where a block should be located on the chain and what its contents should be.

Typically centrally organized systems have a single authority figure that makes the important decisions. These can be centralized accounting ledgers used by businesses to record economic transactions. The accounting department is normally responsible for managing the ledger, making it the central authority figure for transaction records.

Since decentralized systems contain numerous independent actors distributed around the network, all of them have the same weight in authority decision-making. Thus, all decisions are made collectively, by reaching a consensus.

Blockchain consists of transactions that are updated by miners. Rather than declaring a single central authority, blockchains rely on miners to oversee the transaction entries in the blocks and ensure the information is accurate. To ensure the network is operating optimally, the network members must reach a consensus.

The process of reaching a consensus can be complicated. There is no way to know how many nodes may be malfunctioning or acting maliciously. Thus, the network of nodes may encounter a practical example of the Byzantine Generals’ Problem.

Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms are two of the most common consensus mechanisms used in blockchain, including the two biggest blockchain-based cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH).

Consensus mechanisms ensure that the blockchain is maintained properly and the transaction data is recorded correctly. All information management is achieved without declaring a central figure to oversee the blockchain building process.

blockchain technology<\/strong><\/a>, becoming the most crucial tool in <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency development and utilization.<\/p>\n<p>The consensus mechanism is the foundational technology for <strong>block verification<\/strong>. It created the outline for conditions that the network <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-validator/">validators must meet in order to create and verify new blocks on the blockchain.<\/p>\n<p>There are numerous consensus mechanisms that require different software and hardware. However, their key principle is to help build a <strong>decentralized public ledger<\/strong> that makes up the blockchain.<\/p>\n<p>The first consensus mechanism developed specifically for blockchain technology was <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a>. It was launched alongside the Bitcoin blockchain. Given some of its technical limitations and hardware requirements, developers started working on new concepts of consensus mechanisms.<\/p>\n<p>This led to the development of mechanisms that have become as popular as PoW, such as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)<\/strong><\/a>, which is employed by Ethereum, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-proof-of-authority-poa/">Proof-of-Authority (PoA)<\/strong><\/strong><\/a>, used by VeChain, and Proof-of-Staked-Authority (PoSA) on the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a> Smart Chain. Each method ensures agreement between the network nodes to validate transactions and create new blocks on the chain.<\/p>\n<p>Blockchain protocols are unable to properly function without consensus algorithms. As the name suggests, this technology ensures consensus is maintained between all nodes working in the network and that all nodes follow the same set of rules.<\/p>\n<p>Furthermore, <strong>consensus algorithms provide security to blockchain users<\/strong>. Invalid transactions are kept out of the blocks by node validators that follow the predetermined consensus algorithm rules. Consensus mechanisms allow multiple transactions to be managed and validated in a very short time window.<\/p>\n<p>In order to validate a transaction and add it to the block, all nodes must reach a consensus. Blockchain networks are <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralized, therefore all node operators share an equal distribution of responsibility. The consensus mechanism can successfully function even if some of the nodes are malfunctioning or maliciously acting against completing the tasks.<\/p>\n<p>The consensus algorithm technology is a practical example of a theoretical problem known as the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-byzantine-generals-problem/">Byzantine Generals' Problem<\/strong><\/a>. It poses the question of whether a computer network can achieve a consensus in a network of independent, decentralized nodes when some of the nodes are malfunctioning for one reason or another.<\/p>","definition":"the technology required for the main blockchain functionalities.","status":"published","meta_title":"What is Consensus Mechanism? Definition & Meaning | Crypto Wiki","meta_description":"Consensus Mechanism meaning: Consensus Mechanism - the technology required for the main blockchain functionalities.","meta_keywords":null}" :prev-section="{"id":961,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Confluence_(company)","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2024-01-07T08:20:16.000000Z","slug":"what-is-confluence","title":"What is Confluence?","section":"C","keyword":"Confluence","content":"<p>Primarily, the term \"confluence\" defines a place where two or more rivers join and create a single river. However, using the same rationale, it can also be used in the world of finance. Confluence defines <strong>the convergence of numerous trading signals and investment methods.<\/strong><\/p>\n<p>Considering long-term investments, when an investor builds a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-portfolio/">portfolio based on diverse methods, confluence might occur. Usually, investors do that when they want to invest in numerous assets. Typically, this results in portfolio <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-diversification/">diversification. <\/strong><\/p>\n<p>Though keep in mind that confluence and diversification differ. Confluence is about the utilization of many strategies in one portfolio. Diversification, on the other hand, is about a portfolio with various asset types.<\/p>\n<p>Confluence in trading and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-technical-analysis-trend-analysis-ta/">technical analysis<\/strong><\/a> can be defined as the creation of a trading plan. Such a plan incorporates many trading strategies or technical analysis indicators. Additionally, confluence can refer to the use of various trading signals in tandem. This assists while checking the authenticity of a possible buy or sell signal.<\/p>\n<p>Consider the case in which a trader identifies <strong>a possible reversal price zone based on resistance and support levels. <\/strong>However, before opening a position, the trader also examines the position of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-moving-average-ma/">moving averages<\/strong><\/a>. This way the trader determines if any of them point to the same reversal zone. Aside from that, he\/she also applies the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-fibonacci-retracement-level/">Fibonacci Retracement approach<\/strong><\/a>. This helps to confirm the accuracy of the analysis even more. Overall, the trader can use as many trading signals and TA tools as he\/she wants.<\/p>\n<p>Thus, we can argue that the utilization of many sources of data and trading signals can <strong>validate a market trend or a price reversal level.<\/strong> As a result, a trader is more certain if the position should be opened or closed. However, the trader might also decide to simply wait for a better opportunity to invest.<\/p>","definition":"a combination of technical indicators, trading signals, and investment methods that are incorporated to create a more trustworthy investment strategy.","status":"published","meta_title":"What is Confluence? Definition & Meaning | Crypto Wiki","meta_description":"Confluence meaning: Confluence - a combination of technical indicators, trading signals, and investment methods that are incorporated to create a more trustworthy investment strategy.","meta_keywords":null}" :model="{"id":186,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Consensus_(computer_science)","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2024-01-07T08:20:22.000000Z","slug":"what-is-consensus","title":"What is Consensus?","section":"C","keyword":"Consensus","content":"<p><strong>Consensus<\/strong> is the outcome of an agreement between all participants in a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain network on where a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block/">block should be located on the chain and what its contents should be.<\/p>\n<p>Typically centrally organized systems have a single authority figure that makes the important decisions. These can be <strong>centralized accounting ledgers<\/strong> used by businesses to record economic transactions. The accounting department is normally responsible for managing the ledger, making it the central authority figure for transaction records.<\/p>\n<p>Since decentralized systems contain numerous independent actors distributed around the network, all of them have the same weight in authority decision-making. Thus, all decisions are made collectively, by reaching a consensus.<\/p>\n<p>Blockchain consists of transactions that are updated by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-miner/">miners. Rather than declaring a single central authority, blockchains rely on miners to oversee the transaction entries in the blocks and ensure the information is accurate. To ensure the network is operating optimally, the network members must reach a consensus.<\/p>\n<p>The process of reaching a consensus can be complicated. There is no way to know how many <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes may be malfunctioning or acting maliciously. Thus, the network of nodes may encounter a practical example of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-byzantine-generals-problem/">Byzantine Generals&rsquo; Problem<\/strong><\/a>.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a> and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)<\/strong><\/a> algorithms are two of the most common <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensus-mechanism/">consensus mechanisms<\/strong><\/a> used in blockchain, including the two biggest blockchain-based cryptocurrencies in the world, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a> and <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum (ETH)<\/strong><\/a>.<\/p>\n<p>Consensus mechanisms ensure that the blockchain is maintained properly and the transaction data is recorded correctly. All information management is achieved without declaring a central figure to oversee the blockchain building process.<\/p>","definition":"an agreement reached between all network participants on the content and order of the blockchain blocks.","status":"published","meta_title":"What is Consensus? Definition & Meaning | Crypto Wiki","meta_description":"Consensus meaning: Consensus - an agreement reached between all network participants on the content and order of the blockchain blocks.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master&rsquo;s degree on Economics, Politics &amp; Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US&rsquo; Western and Japan&rsquo;s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He&rsquo;s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain &amp; Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin Killer","status":"published","modified_content":null},{"chapter_id":2,"order":10,"slug":"what-is-solana-in-crypto","title":"Is Solana an Improved Version of Ethereum?","status":"published","modified_content":null},{"chapter_id":2,"order":11,"slug":"what-is-polkadot-in-crypto","title":"The Bridge Between Blockchains: Polkadot","status":"published","modified_content":null},{"chapter_id":2,"order":12,"slug":"what-is-polygon-in-crypto","title":"Polygon: the Essential Scaling Solution for Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":13,"slug":"what-is-luna-crypto","title":"The Bumpy Road of Terra (LUNA)","status":"published","modified_content":null},{"chapter_id":2,"order":14,"slug":"what-is-fantom-crypto","title":"Is Fantom (FTM) Yet Another Ethereum Killer?","status":"published","modified_content":null},{"chapter_id":2,"order":15,"slug":"what-is-aave-crypto","title":"Aave: Crypto Lending Trailblazer","status":"published","modified_content":null},{"chapter_id":2,"order":16,"slug":"what-is-algorand-crypto","title":"Did Algorand Truly Solve the Blockchain Trilemma?","status":"published","modified_content":null},{"chapter_id":2,"order":17,"slug":"what-is-olympus-dao","title":"Does Olympus DAO Have Anything to Do With Mythology?","status":"published","modified_content":null},{"chapter_id":2,"order":18,"slug":"what-is-avax","title":"Is Avalanche Network (AVAX) Rightfully Called the Future of DeFi?","status":"published","modified_content":null},{"chapter_id":2,"order":19,"slug":"what-is-monero-coin","title":"Monero: Where Cryptocurrency Meets Cryptography","status":"published","modified_content":null},{"chapter_id":2,"order":20,"slug":"what-is-ripple-xrp","title":"Is Ripple \"it\" When it Comes to Cross-Border Transactions?","status":"published","modified_content":null},{"chapter_id":2,"order":21,"slug":"practical-use-of-cryptocurrencies","title":"The Practical Use of 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Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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