Consensus
By CoinGecko | Updated on Mar 03, 2020
Consensus is what allows a distributed system (like the blockchain) to function as a decentralized peer-to-peer system without the need to refer to a central authority figure for all participants to agree on what is the correct data.
Consensus is achieved in a blockchain system when all participants agree on the content of the next block that will be added onto the blockchain.
Related Terms
Validator
A block-signing participant of a Proof of Stake blockchain network, whom have significant tokens staked on the network.
Mining Pool
Combination of resources of several miners to obtain a higher mining power and thus achieve greater rewards for the opening of blocks.
Shitcoin
A coin with no obvious potential value or usage.
Trustless
Entirely verifiable, without needing to trust or assume an action is done completely and in good faith.
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