An overview of alternative consensus mechanisms

Time Stamp: July 22, 2021 7:03 AM
Source Node: 986444

July 22, 2021, 7:03AM EDT

• 22 min read

Quick Take

  • Consensus mechanisms are a key piece in any blockchain network that impacts decentralization, speed, and security.
  • The issues with popular consensus algorithms like Proof of Work and Proof of Stake have led to newer means of achieving consensus which improve upon the faults of earlier protocols. 
  • The use and development of new consensus mechanisms can allow for blockchains to reach agreement based on what they deem important in the system.

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