What does "blockchain consensus mechanism" refer to? 🔊
The term blockchain consensus mechanism refers to the protocols that validate transactions within a blockchain network, ensuring all participants agree on the network’s state. Common mechanisms include Proof of Work (PoW) and Proof of Stake (PoS), each with its own strengths and weaknesses regarding security and efficiency. Consensus mechanisms help maintain the integrity and immutability of records while preventing fraud and double spending. They are essential for achieving trust and reliability in decentralized systems, thereby enhancing blockchain technology's overall functionality.
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