Ramesh Karanam 5 Questions 4 Answers 0 Best Answers 51 Points View Profile Ramesh KaranamIn: BlockchainLearner Asked: January 30, 20192019-01-30T04:42:03+00:00 2019-01-30T04:42:03+00:00 What is Consensus Algorithm? Consensus algorithm related to Blockchain blockchain Share Facebook 4 Answers Voted Oldest Recent pulab 17 Questions 18 Answers 0 Best Answers 202 Points View Profile pulab Practitioner 2020-06-03T23:35:33+00:00Added an answer on June 3, 2020 at 11:35 pm In blockchain technology, no one is in charge as governance is done by consensus only. Such consensus in turn is based on algorithms that allow users and nodes to almost automatically agree on the outcomes of the process. The four major consensus algorithms are Proof of Work (PoW), Proof of Stake (PoS), Proof of Importance (PoI) and voting-style algorithms. These algorithms use consensus mechanisms stated to reach an agreement over shared data in peer-to-peer networks. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Tammachir Suwanno Cyberjaya, Malaysia 6 Questions 10 Answers 0 Best Answers 125 Points View Profile Tammachir Suwanno Learner 2019-01-30T19:15:02+00:00Added an answer on January 30, 2019 at 7:15 pm Consensus algorithm may refer to one of several proposed protocols for solving the consensus problem in the field of Computer Science. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Ashish Jaiswal 32 Questions 85 Answers 1 Best Answer 775 Points View Profile Ashish Jaiswal Professional 2019-01-30T06:48:19+00:00Added an answer on January 30, 2019 at 6:48 am The very first implementation of a distributed and trustless consensus algorithm is Bitcoin’s proof-of-work (PoW) algorithm. PoW requires miners to solve complex cryptographic puzzles before they can add a block to the blockchain. In exchange for solving the puzzle, miners are rewarded with bitcoins, this is known as a block reward. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Ashish Jaiswal 32 Questions 85 Answers 1 Best Answer 775 Points View Profile Ashish Jaiswal Professional 2019-01-30T06:35:11+00:00Added an answer on January 30, 2019 at 6:35 am A consensus algorithm is a process used to achieve agreement on a single data value among distributed processes or systems. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login to add an answer. Username or email* Password* Captcha* Click on image to update the captcha. Remember Me! Forgot Password?