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
Distributed Ledger
Ledgers whose data is stored and synced across a network of nodes.
Bitcoin ATM
A machine from which you can buy or sell Bitcoin. Typically also offers different types of cryptocurrencies.
Hard Fork
It is a permanent divergence of a blockchain into two blockhains. The original blockchain does not recognize the new version.
BitLicense
Refers to the business license issued by the New York State Department of Financial Services (NYSDFS) to companies dealing with Cryptocurrencies (subject to certain exceptions) in New York.
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