Consensus Mechanism

a consensus mechanism is a fault tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi agent systems, such as with cryptocurrencies types of consensus mechanism ​ https //docs polygon technology/docs/home/blockchain basics/consensus mechanism#types of consensus mechanism pow proof of work proof of work describes a system that requires a not insignificant but feasible amount of effort in order to deter dos(denial of service) attacks and other malicious attacks it requires to solve a computational challenging puzzle in order to create new blocks in blockchain pos proof of stake proof of stake mechanism achieve consensus by requiring users to stake an amount of their tokens so as to have a chance of being selected to validate blocks of transactions, and get rewarded for doing so priority is given to miners who have purchased the most stake in the blockchain system dpos delegated proof of stake this form of consensus mirrors the election of members in governing bodies witnesse, those who validate transactions, are elected pospace proof of space this kind of consensus mechanism is useful in decentralized file storage applications like storj io, filecoin, where nodes prove they have legitimate capacity in their hardware sometimes also referred as postorage or pocapacity poet proof of elapsed time a better alternative to pow, consuming lesser computational resources each participating node needs to wait for a random amount of time and very first node to wake up from sleep gets a chance to create new block, which is then propagated through network requires trusted execution environments ( tee ) like intel sgx, which are isolated part of memory, can only be accessed using certain set of instructions extra links ​ https //docs polygon technology/docs/home/blockchain basics/consensus mechanism#resources 📄 byzantine fault tolerance https //medium com/loom network/understanding blockchain fundamentals part 1 byzantine fault tolerance 245f46fe8419 📄 type of consensus mechanisms https //www codementor io/blog/consensus algorithms 5lr8exfi0s#types of consensus algorithms 📄 review of blockchain consensus mechanisms https //blog wavesplatform com/review of blockchain consensus mechanisms f575afae38f2 🎧 overview and history of consensus system development https //softwareengineeringdaily com/2018/03/26/consensus systems with ethan buchman/ 📗 understanding distributed consensus https //medium com/s/story/lets take a crack at understanding distributed consensus dad23d0dc95 📚 byzantine generals problem https //en wikipedia org/wiki/byzantine fault#byzantine generals' problem