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How does consensus work in blockchain networks, and what are the different types?
How does consensus work in blockchain networks, and what are the different types?
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1Consensus mechanisms are crucial for validating transactions and maintaining the integrity of a blockchain. The most common types include Proof of Work (PoW), where miners solve complex mathematical problems to validate transactions; Proof of Stake (PoS), which involves validators being chosen to create new blocks based on the amount of cryptocurrency they hold; and Delegated Proof of Stake (DPoS), where stakeholders vote for delegates to validate transactions on their behalf.
Each mechanism has its trade-offs: PoW is secure but energy-intensive, PoS is more efficient but may lead to centralization, and DPoS can enhance scalability but risks collusion among delegates. Understanding these mechanisms is vital for evaluating blockchain's security and efficiency.
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