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In every blockchain-based network, two types of messages are given: transactions (contractually speaking, money transfers) and blocks that consist of these transactions. In order to make a transaction you don't need any permission from strangers, all you need to do is know the key (password, identifying the wallet owner). This is not the case with blocks, the order of which is confirmed by consensus in the transaction log. The problem of the network is that between the nodes, it is possible to retransfer transactions at the same time.
An example of a situation that is called "double spending". James has 1 bitcoin that he wants to pass on, but he sends it simultaneously to Alexander and Annie. And if Alexandra and Anne do not agree on this transaction (that is, they do not know that it has been sent at once), then a network problem arises. Therefore, all network participants coordinate the logs, so that one of Jacob's operations will be successful and the other one will be considered as incorrect.
The essence of the problem is understandable, but how to solve it from a technical point of view? It is not a simple issue. That is why we need a consensus algorithm.
In every blockchain-based network, two types of messages are given: transactions (contractually speaking, money transfers) and blocks that consist of these transactions. In order to make a transaction you don't need any permission from strangers, all you need to do is know the key (password, identifying the wallet owner). This is not the case with blocks, the order of which is confirmed by consensus in the transaction log. The problem of the network is that between the nodes, it is possible to retransfer transactions at the same time.
An example of a situation that is called "double spending". James has 1 bitcoin that he wants to pass on, but he sends it simultaneously to Alexander and Annie. And if Alexandra and Anne do not agree on this transaction (that is, they do not know that it has been sent at once), then a network problem arises. Therefore, all network participants coordinate the logs, so that one of Jacob's operations will be successful and the other one will be considered as incorrect.
The essence of the problem is understandable, but how to solve it from a technical point of view? It is not a simple issue. That is why we need a consensus algorithm.
Machine translated

In the context of cryptography, consensus algorithms are a key element of any blockchain network because they are responsible for maintaining the integrity and security of these distributed systems. The first cryptocurrency consensus algorithm that was developed was Proof of Work (PoW), which was designed by Satoshi Nakamoto and implemented on Bitcoin as a way to overcome Byzantine errors.
The consensus algorithm can be defined as the mechanism by which the blockchain network reaches a consensus (it agrees without any doubt on a particular issue). Public (decentralized) block chains are built as distributed systems, and since they do not rely on a central authority, the distributed nodes must agree on the validity of the transaction. This is where consensus algorithms come into play. They ensure that the rules of protocol are followed and guarantee that all transactions take place in an untrusted manner, so coins can be issued only once.
In the context of cryptography, consensus algorithms are a key element of any blockchain network because they are responsible for maintaining the integrity and security of these distributed systems. The first cryptocurrency consensus algorithm that was developed was Proof of Work (PoW), which was designed by Satoshi Nakamoto and implemented on Bitcoin as a way to overcome Byzantine errors.
The consensus algorithm can be defined as the mechanism by which the blockchain network reaches a consensus (it agrees without any doubt on a particular issue). Public (decentralized) block chains are built as distributed systems, and since they do not rely on a central authority, the distributed nodes must agree on the validity of the transaction. This is where consensus algorithms come into play. They ensure that the rules of protocol are followed and guarantee that all transactions take place in an untrusted manner, so coins can be issued only once.
Machine translated

In any network, based on blockchain, two types of messages are given: transactions (conventionally speaking, the transfer of money) and blocks, which consist of these transactions. In order to make a transaction, you don't need any permission from strangers in the system, you just need to know the key (password, identifying the wallet owner). The case is different with blocks, the order of which in the transaction log is confirmed by consensus. The problem of the network is that between nodes it is possible to transmit transactions simultaneously and repeatedly.
An example of a situation that is called "double spending". Jacob has 1 Bitcoin that he wants to transfer, but he sends it simultaneously to Jane and Tome. And if Jane and Tom do not agree on this transaction between themselves (that is, they do not know that a simultaneous sending has been done), then there is a network problem. Therefore, all participants in the network coordinate logs, so that one of Jacob's operations succeeds and the other is considered invalid.
The essence of the problem is understandable, but how to solve it from a technical point of view? This is a non-simple question.
In any network, based on blockchain, two types of messages are given: transactions (conventionally speaking, the transfer of money) and blocks, which consist of these transactions. In order to make a transaction, you don't need any permission from strangers in the system, you just need to know the key (password, identifying the wallet owner). The case is different with blocks, the order of which in the transaction log is confirmed by consensus. The problem of the network is that between nodes it is possible to transmit transactions simultaneously and repeatedly.
An example of a situation that is called "double spending". Jacob has 1 Bitcoin that he wants to transfer, but he sends it simultaneously to Jane and Tome. And if Jane and Tom do not agree on this transaction between themselves (that is, they do not know that a simultaneous sending has been done), then there is a network problem. Therefore, all participants in the network coordinate logs, so that one of Jacob's operations succeeds and the other is considered invalid.
The essence of the problem is understandable, but how to solve it from a technical point of view? This is a non-simple question.
Machine translated

A consensus algorithm is a mechanism used in blockchain technology to achieve agreement on a single data value or state among distributed processes or systems. Two common types of consensus algorithms are proof-of-work (PoW) and proof-of-stake (PoS). Proof-of-work (PoW): In a PoW consensus algorithm, participants (miners) compete to solve complex mathematical problems in order to validate transactions and create new blocks in the blockchain. The first miner to solve the problem is rewarded with newly minted cryptocurrency. PoW algorithms are resource-intensive and secure, but can be energy-consuming. Proof-of-stake (PoS): In a PoS consensus algorithm, validators are chosen to create new blocks based on the amount of cryptocurrency they hold (their stake). Validators are selected in a deterministic way, and are rewarded with transaction fees instead of newly minted cryptocurrency. PoS algorithms are more energy-efficient compared to PoW, but can be less secure in some cases. The main difference between PoW and PoS lies in how they determine which participants get to validate transactions and create new blocks. In PoW, this is determined by solving mathematical problems, while in PoS it is determined by the participants' stake in the network. In summary, a consensus algorithm is a critical component of blockchain technology that ensures all participants in the network agree on the state of the blockchain. Different consensus algorithms like PoW and PoS have varying mechanisms for achieving this agreement, each with its own set of advantages and disadvantages.
A consensus algorithm is a mechanism used in blockchain technology to achieve agreement on a single data value or state among distributed processes or systems. Two common types of consensus algorithms are proof-of-work (PoW) and proof-of-stake (PoS). Proof-of-work (PoW): In a PoW consensus algorithm, participants (miners) compete to solve complex mathematical problems in order to validate transactions and create new blocks in the blockchain. The first miner to solve the problem is rewarded with newly minted cryptocurrency. PoW algorithms are resource-intensive and secure, but can be energy-consuming. Proof-of-stake (PoS): In a PoS consensus algorithm, validators are chosen to create new blocks based on the amount of cryptocurrency they hold (their stake). Validators are selected in a deterministic way, and are rewarded with transaction fees instead of newly minted cryptocurrency. PoS algorithms are more energy-efficient compared to PoW, but can be less secure in some cases. The main difference between PoW and PoS lies in how they determine which participants get to validate transactions and create new blocks. In PoW, this is determined by solving mathematical problems, while in PoS it is determined by the participants' stake in the network. In summary, a consensus algorithm is a critical component of blockchain technology that ensures all participants in the network agree on the state of the blockchain. Different consensus algorithms like PoW and PoS have varying mechanisms for achieving this agreement, each with its own set of advantages and disadvantages.
Machine translated