What are consensus algorithms?
An example of an AI chatbot conversation about consensus algorithms in blockchain technology.
What are consensus algorithms?
Consensus algorithms are protocols that ensure all nodes in a blockchain network agree on the state of the ledger.
Why are they important in blockchain?
They are crucial for maintaining security, preventing double-spending, and ensuring that all transactions are valid.
Can you give examples of different types of consensus algorithms?
Sure! Some common types include Proof of Work, Proof of Stake, and Delegated Proof of Stake.
How does Proof of Work differ from Proof of Stake?
Proof of Work requires miners to solve complex puzzles, while Proof of Stake allows validators to create new blocks based on the number of coins they hold.
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