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Consensus Algorithm

A consensus algorithm is a method used to achieve agreement on a single data value among distributed systems. These algorithms are designed to enable communication among multiple parties and to ensure that the data being shared is accurate and up-to-date. These algorithms are used in various distributed systems, such as blockchain networks and distributed databases.

Consensus Algorithm 🍿

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Proof-Of-Work

Proof of Work (PoW) is a consensus algorithm used to secure and validate transactions on a blockchain network. It is used to achieve consensus on the state of the blockchain and to prevent double-spending. In a PoW system, users (also known as miners) compete to solve complex mathematical problems, also known as mining. The first miner to solve the problem is rewarded with the right to add the next block to the blockchain, and is also rewarded with a certain amount of the cryptocurrency associated with the blockchain.

Used by:

Ethereum
Bitcoin