DISTRIBUTED CONSENSUS MECHANISM

Abstract

The distributed consensus algorithm which is a collection of guidelines or protocols known as consensus algorithms enable dispersed nodes to decide on a value or course of action based on messages from other nodes as well as their own local data. The following characteristics are the goals of consensus algorithms: fault-tolerance, validity, agreement, and termination. This paper provides the outline and study about the different consensus algorithms in blockchain. The proposed paper describes about the working mechanisms of different consensus algorithms such as proof of work, proof of stake and etc., Also explains the requirement of consensus algorithms, advantages and disadvantages of each consensus algorithm.