consensus

Phonetic: /kənˈsɛnsəs/

Part of Speech: noun

Category: To be determined

The process used by a group of peers, or nodes, on a blockchain network to agree on the validity of transactions submitted to the network. This process is responsible for validating and verifying transactions and blocks, and for coordinating communication between nodes to achieve consensus.

Definition source: Mapachurro probably wrote this.

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Extended definition

In a blockchain network, the consensus layer is implemented by the consensus protocol or algorithm that defines how new blocks are added to the chain, and how the network reaches agreement on the current state of the ledger. There are various types of consensus mechanisms used in blockchain networks, including proof of work (PoW), proof of stake (PoS), and delegated proof of stake (DPoS). The consensus client implements the specific consensus mechanism used by the network and ensures that all nodes follow the rules and reach agreement on the current state of the blockchain.

This word came from... the ether

Date first recorded: Unknown

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