What is the role of consensus algorithms?
An example of an AI chatbot conversation about the function of consensus algorithms in blockchain.
What is the role of consensus algorithms in blockchain technology?
Consensus algorithms are protocols that ensure all nodes in a blockchain network agree on the state of the ledger.
Why are they important for security?
They prevent double-spending and ensure that all transactions are verified and recorded accurately.
Can you give examples of different consensus algorithms?
Sure! Some common ones include Proof of Work, Proof of Stake, and Delegated Proof of Stake.
How do these algorithms affect transaction speed?
Different algorithms have varying speeds; for instance, Proof of Work can be slower due to its computational requirements.
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