CryptoURANUS Economics: Consensus: Defined in CryptoCurrency

CryptoCurrencies


Sunday, August 5, 2018

Consensus: Defined in CryptoCurrency

Consensus: Defined in CryptoCurrency


Consensus is defined as agreement by the majority of people about something. 


Consensus requires at least 51% of the people agree on something. Consensus is a very important part of cryptocurrency technology.

  • With consensus, the digital records maintained by the network of computers, known as the blockchain, can be agreed upon as correct.
  • With consensus, decisions can be made on how to fix or upgrade the cryptocurrency technology without relying on one single leader.
Consensus is a necessary feature in a decentralized organization like cryptocurrencies.

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