In every organization or association the importance of unity and oneness can never be overemphasized. If there's no unity in a successful organization or group of persons, then it's certain there'll certainly be a division amongst them thereby causing the organization to collapse, that's exactly how it is in the Blockchain network.
The Blockchain network is a system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network, and it might also interest us to know that these computers are scattered across the globe, so that tells us that the Blockchain network isn't centralized in any particular geographical location. the Blockchain network is best known for its cryptocurrency capabilities such as the popular Bitcoin and other related currencies (Altcoin) But that's not all, The Blockchain is more than just that, it's also know for its efficiency in the process of verifying, recording, managing and monitoring information. It is also important to note that the Blockchain network is can classified into two major categories which are the private Blockchain network and public Blockchain network, But I believe we probably know this so I won't go further as I'll just go straight to the point.
In order to ensure the smooth running of the Blockchain Network, there need to be some sort of agreement between those several computers scattered among different geographical locations, Hence the introduction of the
CONSENSUS MECHANISM.
You may also want to look at
https://builtin.com/blockchain/consensus-mechanismThe Consensus Mechanism is a process employed by the Blockchain Network to reach some sort of agreement on the validity of transactions on the network as well as the order in which they are added on the Blockchain. With the help of the consensus mechanism, new blocks can be verified and validated and it also ensures everyone on the network is using the same version of the Blockchain.
To ensure the smooth running of the Blockchain then everyone in the network must be in complete agreement on which transactions are valid and invalid. They act as a verification standard through which each Blockchain transactions gets approved.
Although, While designing a network's verification standard, there are many consensus mechanism to take into account, but all of them are designed to undermine the credibility of those who try to falsify the record.
HOW THE CONSENSUS MECHANISM WORKS.Generally, the Job and purpose of a consensus mechanism is to maintain the security and stability of the Blockchain. Ensures that the entire network runs smoothly in a unified and cooperative way within the network. It's also a way of ensuring that every user in the network follows the same rules and makes the same decisions without being controlled by a central authority.
When a request is sent by a user to the Blockchain, Nodes receive data from that request, processes the data and then decides whether the request is valid or invalid. Let's say for example, a user requests to withdraw a token that has already been accounted for, with the help of the consensus mechanism, the request will be processed and evaluated and then takes the decision that the request is invalid and not worthy to be honored.
DIFFERENT TYPES OF CONSENSUS MECHANISMWe have different types of Consensus Mechanism, but I'll be talking about the two major types which are the
1.
PROOF-OF-WORK and
2. PROOF-OF-STAKE
PROOF-OF-WORK
Proof-of-work (PoW) is the Blockchain network's most widely utilized consensus mechanism. In this procedure, miners compete with use of computer power to solve challenging mathematical puzzles. The first miner to solve the puzzle adds the next block of transactions to the Blockchain and is rewarded with cryptocurrency. While this technique was primarily created for the Bitcoin network, other cryptocurrencies have since embraced it.
The reason this approach is the most often used is that it contributes to network security and virtually eliminates the possibility of transaction manipulation on the Blockchain.
PROOF-OF-STAKE
Another popular consensus method that was developed as a substitute for Proof-of-Work is Proof-of-stake (PoS). This one chooses validators based on how many coins or tokens they Stake, in contrast to the PoW. Therefore, in this instance, your mathematical expertise are not required because it doesn't qualifies you to be a validator; instead, the quantity of tokens you have staked is what counts. In other words, the more token a validator stakes, the more his chances he has to be a validator and to create the next block of transactions on the network, and then rewarded with more tokens.
PROS AND CONS OF DIFFERENT CONSENSUS MECHANISM
In as much as the PoW is the most popular and the most secured Consensus Mechanism, some people still believe that the PoS is more preferable and more convenient because
1. The PoW, unlike the PoS is energy intensive. You need work your ass and brain out on the computer before you can be able to add another block of transaction.
2. Requires lots of computational power. Unlike the PoS you really don't need all that computational power.
3. Most significantly, because only big mining pools with powerful computers can afford to join, the high operational costs of the PoW network may cause centralization.
But in my opinion I still think that the PoW is way better and more effective. What do you think?
