Tag: consensus algorithms

Blockchain technology has evolved remarkably since the inception of Bitcoin and its pioneering proof-of-work (PoW) consensus mechanism. These mechanisms are crucial to the integrity of blockchain networks, establishing a communal agreement on the legitimacy of transactions and the current state of the ledger without needing a central authority. Here, we dive into the evolution of these protocols and contemplate what the future holds for blockchain consensus mechanisms. From Proof-of-Work to Proof-of-Stake The original consensus algorithm, proof-of-work, relies on miners expending computational power to solve complex mathematical puzzles. This process, while secure,...