Consensus mechanisms are gamified protocols that enable a decentralized computer network to agree on a blockchain state. They aim to provide a balance of security, scalability, and decentralization to the network.
Proof of work (PoW) and proof of stake (PoS) are the main consensus mechanisms used in the industry, but there are alternative mechanisms such as PoA, PoC, PoB, PoH, and more.
The industry has settled on PoW and PoS due to their wide user adoption and application development around the most popular blockchains. Although newer consensus mechanisms may emerge, the most widely-adopted implementations will continue to play a vital role as the industry advances toward mainstream adoption.
Consensus models provide a metric for evaluating a project’s long-term potential based on scalability, sustainability, and decentralization.
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