Blockchain Consensus Mechanisms and What Makes Elastos Unique
What is a consensus mechanism and how is Elastos’ Elastic Consensus unique?
Cryptocurrencies, both those focused on speculation or utility, have emerged as a new class of assets that promise to revolutionize the way we conduct transactions, exchange value, and send money across the globe. One of the key features that sets cryptocurrencies apart from traditional fiat is their decentralized nature, enabling users to transact directly with each other without the need for intermediaries like banks or financial institutions. Owning one’s financial destiny is a key piece to the ethos of Web3.?
In order to facilitate secure and reliable transactions in a decentralized way, cryptocurrencies rely on a consensus mechanism — a set of rules that govern how transactions are validated and recorded on a blockchain. This consensus ensures that all the nodes in a network agree on the validity of a transaction (or a block of transactions), which helps to prevent fraud and ensure the integrity of the network. Decentralization gives power back to individuals, enabling a trustless and censorship-resistant system.
A few consensus mechanisms are in use today across several Layer 1 blockchains, each with its own strengths and weaknesses.
They include:
Elastos?is unique in the sense that, with its rich history, it can deliberately decide what works best as a hybrid network, bringing the positives from a few consensus mechanisms together into one platform.
Continue reading over at the Elastos Blog where we will touch on what is a consensus mechanism and how Elastos’ Elastic Consensus unique.