Blockchain has become a buzzword in modern networks, and blockchain technology is also the hottest technology at present. Both companies and individuals have joined the blockchain industry.
Blockchain is a further development based on the Internet and a further upgrade of the Internet society. However, the emergence of a new thing is always accompanied by a lot of questioning, research and discussion.
Whether it is Bitcoin, Ethereum, or the development of other blockchain networks, they all have their own consensus algorithms. In a distributed network like the blockchain, all nodes are independent and equal, and there is no central point to control other nodes.
So how to ensure fairness and automatic operation in this network?
Judging from practice, the most important point is because of the consensus mechanism. In a fair and transparent network, all participants in the network have reached a consensus, recognize the operating mechanism of the network, and can actively contribute to it.
Of course, there will also be certain rewards for making contributions, which is what we often call block rewards. Generally speaking, what develops along with the consensus mechanism is the economic incentive mechanism of the network.
By combining consensus with an economic incentive mechanism, more people will participate, and the community of users and developers will gradually develop, and eventually a huge ecosystem will be formed on this network.
So what is consensus and how does the consensus mechanism work?
To give a simple example, in Mr. Jin Yong’s novels, all major martial arts masters gather together. Generally speaking, the martial arts masters are all powerful and do not obey anyone.
Who will govern the rivers and lakes? Who has the final say? After all, everyone has the foundation, so let’s be simple and crude, fight round by round, whoever wins is recognized as the leader of the martial arts alliance, and everyone will obey this most powerful person. Whoever can accept the challenge of everyone in the ring and win to the end will have the final say. Everyone recognizes this form, which forms a consensus. The way of playing in the ring is the consensus mechanism that generates consensus.
Similarly, in a distributed network blockchain, how do each node achieve consistency in transaction data, contributions, and rewards? This requires the use of the consensus mechanism in the blockchain.
Different networks will choose their own set of consensus mechanisms to achieve universal recognition among all nodes in the network.
Generally speaking, in blockchain, consensus is a rule that everyone recognizes and is willing to consciously abide by.
