What is Consensus Algorithm and Their Types in Blockchain

[{"selector":"#anim-b988709b-0a2a-408f-bb93-427b1943210c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.1775388402022777%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-618263a3-104d-4215-a501-c79c6492ce17","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f8dc9869-b7c4-458d-8fd9-57232b3b1a8a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ad36fe7-efbd-4671-9937-cb0e5dd9b7aa","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Consensus algorithms are fundamental to blockchain & cryptocurrency systems, ensuring decentralized networks operate securely, reliably & efficiently. They enable all nodes in a distributed network to agree on the current state of the system

Types

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[{"selector":"#anim-23271f3e-c20b-462f-92c4-c7637277efd6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-25%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a0b7f8b1-5a8f-4869-8f71-04d7119f046b","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e12e159-56e2-4648-af5b-871b4e078d52","keyframes":{"opacity":[0,1]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ac95bd39-f9ff-4ab2-b696-b9f14250dfc1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Proof of Stake (PoS): Validators are chosen based on their staked cryptocurrency. Pros : Energy-efficient & fast; Cons : Risk of centralization if wealth is concentrated.

[{"selector":"#anim-2097dc34-74d9-425b-8902-284d14601991 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-25%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-641e7351-c875-4976-a395-23d3b987b948","keyframes":{"transform":["translate3d(-98.09524%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce76d3a4-7667-4bea-bcd1-4d529c2fb9cf","keyframes":{"opacity":[0,1]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1c252468-b00c-4789-bcd8-bbca8ec51ec1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Delegated Proof of Stake (DPoS): Stakeholders vote for delegates who validate transactions. Pros : High scalability; Cons : Risk of delegate centralization.

[{"selector":"#anim-82ef9dcf-5243-49e3-9789-cbab84bed5ef [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.0337020503470065%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-80c63796-7c5f-430f-b877-457728747570","keyframes":{"transform":["translate3d(-98.09524%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3b35ad38-ad27-4b26-a00d-cd4ad2261bfb","keyframes":{"opacity":[0,1]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d86926f0-70c4-4d71-b42d-7167f87a2aa7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Byzantine Fault Tolerance (BFT): Designed to work even with malicious or failed nodes. Pros: High security; Cons: Limited scalability.

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