What is a consensus mechanism?
An example of an AI chatbot conversation about consensus mechanisms in blockchain technology.
What is a consensus mechanism?
A consensus mechanism is a protocol that ensures all nodes in a blockchain network agree on the state of the ledger.
Why is it important for blockchain?
It's crucial for maintaining security, preventing double-spending, and ensuring that all transactions are valid.
Can you give examples of different types of consensus mechanisms?
Sure! 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 computational power to solve puzzles, while Proof of Stake relies on the amount of cryptocurrency held.
What are the advantages and disadvantages of each?
Proof of Work is secure but energy-intensive, while Proof of Stake is more energy-efficient but can lead to centralization.
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