What are consensus algorithms in blockchain?
An example of an AI chatbot conversation about consensus algorithms in blockchain.
What are consensus algorithms in blockchain?
Consensus algorithms are protocols that ensure all nodes in a blockchain network agree on the state of the blockchain.
Can you explain how Proof of Work differs from Proof of Stake?
Sure! Proof of Work requires miners to solve complex puzzles to validate transactions, while Proof of Stake allows validators to create new blocks based on the number of coins they hold.
What are some examples of consensus algorithms?
Some examples include Proof of Work, Proof of Stake, Delegated Proof of Stake, and Practical Byzantine Fault Tolerance.
Why is consensus important in blockchain?
Consensus is crucial because it ensures that all participants in the network agree on the transaction history, preventing fraud and double-spending.
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