Consensus
By CoinGecko | Updated on Mar 03, 2020
Consensus is what allows a distributed system (like the blockchain) to function as a decentralized peer-to-peer system without the need to refer to a central authority figure for all participants to agree on what is the correct data.
Consensus is achieved in a blockchain system when all participants agree on the content of the next block that will be added onto the blockchain.
Related Terms
Blockchain
In Bitcoin's case, blockchain describes its decentralized, public ledger which contains transactional information.
Permissioned Blockchain
It is a private blockchain where the nodes must be previously authorized by a central entity.
Genesis Block
It is the first block of data that is processed and validated to form a new blockchain, typically called as 'block 0' or 'block 1'.
Ethereum Virtual Machine (EVM)
Ethereum Virtual Machine (EVM) is the environment in which all smart contracts are executed.
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