"Lesson 1.4: Consensus”, is about understanding how decentralized networks achieve agreement, or consensus, on the validity of transactions. This consensus is not merely a technical function but the very essence that ensures the integrity, security, and trustworthiness of blockchain technology.
The journey through this lesson is an intellectual deep dive into the purpose and significance of consensus mechanisms in blockchain technology. It is these mechanisms that empower blockchains with its defining characteristics: a secure, transparent, and immutable ledger that operates across a decentralized network of nodes that agree on the state of the ledger, despite the absence of a central authority. Understanding consensus mechanisms is essential for grasping the fundamental principles that underpin blockchain technology and appreciating the innovation it brings to digital transactions and data management.
We will explore the operational dynamics of the most prevalent consensus models—Proof of Work (PoW) and Proof of Stake (PoS). These models underpin the security protocols of leading cryptocurrencies such as Bitcoin and Ethereum and their advancement highlights the ongoing evolution toward more sustainable and efficient forms of achieving network consensus. PoW, celebrated for its robust security model, and PoS, recognized for its energy efficiency and scalability potential, are dissected to offer learners a comprehensive understanding of their mechanisms, advantages, and limitations.
This complete lesson can be found at our Discord | ZKM study club | Lessons | Lesson 1.4. Consensus
