▪️ The consensus mechanism is the backbone of digital currencies. Cryptocurrencies such as#Bitcoinand#Ethereumoperate based on a consensus mechanism to achieve decentralized approval and protection.
So how does it work? 🤔
◧ Initially, transactions submitted to the network are grouped into groups called blocks. Network participants (known as operators or miners) then take on the task of validating these blocks and adding them to the blockchain.
◧But how are the blocks verified and agreed upon? This is where the consensus mechanism comes into play. Cryptocurrencies adopt various consensus mechanisms, such as proof-of-work or proof-of-stake.
◧ In the heaviest working mechanism, miners compete to solve a complex mathematical problem at random, and the miner who solves the problem first gets the right to add the block and all the transactions contained in it.
After that, the block is verified and approved by the rest of the network participants.
◧ As for the quota mechanism, participants eligible to add blocks are determined based on their relative share of the digital currency. And when the participants
