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Consensus

Intermediate

Consensus refers to the method by which blockchain networks agree on the validity of transactions and the state of the ledger. It enables decentralisation by ensuring all participants share the same data without needing a central authority. Common consensus mechanisms include Proof of Work (PoW) and Proof of Stake (PoS). These methods, or protocols, ensure that all participants share the same verified data, preventing fraud and double spending. Consensus supports trust, transparency, and the integrity of the blockchain by requiring agreement from the majority of network participants.

Related Words

Custodian

Intermediate

A custodian securely stores digital assets on behalf of individuals or institutions. Often used by large investors, custodians meet regulatory standards and protect private keys. They can be centralised platforms or regulated third-party services.

Cryptography

Advanced

Cryptography secures blockchain systems through techniques like private keys, digital signatures, and hashing. It forms the backbone of decentralised networks by protecting user data and enabling trustless, secure transactions.

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