write in your own words what is consensus protocols usage and applications
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A consensus algorithm is a procedure through which all the peers of the Blockchain network reach a common agreement about the present state of the distributed ledger. In this way, consensus algorithms achieve reliability in the Blockchain network and establish trust between unknown peers in a distributed computing environment. Essentially, the consensus protocol makes sure that every new block that is added to the Blockchain is the one and only version of the truth that is agreed upon by all the nodes in the Blockchain.
The Blockchain consensus protocol consists of some specific objectives such as coming to an agreement, collaboration, co-operation, equal rights to every node, and mandatory participation of each node in the consensus process. Thus, a consensus algorithm aims at finding a common agreement that is a win for the entire network.
Now, we will discuss various consensus algorithms and how they work.
In the end, a validator is chosen to generate a new block based on their economic stake in the network. Thus, PoS encourages validators through an incentive mechanism to reach to an agreement.
Depending on how the PoB is implemented, miners may burn the native currency of the Blockchain application or the currency of an alternative chain, such as bitcoin. The more coins they burn, the better are their chances of being selected to mine the next block.
While PoB is an interesting alternative to PoW, the protocol still wastes resources needlessly. And it is also questioned that mining power simply goes to those who are willing to burn more money.
There also exist other consensus algorithms like Proof of Activity, Proof of Weight, Proof of Importance, Leased Proof of Stake, etc. It is therefore important to wisely choose one as per the business network requirement because Blockchain networks cannot function properly without the consensus algorithms to verify each and every transaction that is being commited.
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write in your own words what is consensus protocols usage and applications
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