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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.

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Related Terms

Difficulty
A relative measure on how difficult it is to correctly guess a new block
Order Book
An electronic list of all buy and sell orders in an exchange
Testnet
Shorthand for "Test Network", testnets are staging areas for experimenting new blockchain features.
Consensus
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.
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