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
Block Explorer
Application or websites which display information such as status of transactions or data contained in a block of a given public blockchain network.
Algorithm
Algorithm is a set of rules to follow to solve a problem or conduct a task.
Block Height
A number that is used to indicated the position of a particular block within a blockchain
Mempool
It is the abbreviation of Memory Pool. Set of unconfirmed transactions in a blockchain
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