What is a consensus algorithm?

Based on an underlying mechanism, consensus algorithms decide whether to commit a distributed transaction to a database. They're also commonly used to synchronize data across a decentralized network and ensure consistency and transparency in transactions. Consensus algorithms are also used to assign a node the status of leader.

What is a blockchain consensus algorithm?

The consensus algorithm is used in this situation. The simplest definition of a Blockchain consensus algorithm can be "A process by which all peers in a Blockchain network establish a common acceptance or consensus on the distributed ledger's real-time state. "

Can a deterministic algorithm achieve consensus in a fully asynchronous distributed system?

In a fully asynchronous message-passing distributed system, in which at least one process may have a crash failure, it has been proven in the famous 1985 FLP impossibility result by Fischer, Lynch and Paterson that a deterministic algorithm for achieving consensus is impossible.

What is POW consensus algorithm?

It ensures that consensus is achieved with minimal resources, keeping integrity and transparency in the decisions it takes. To ensure that the whole system is fault-tolerance, consensus algorithm only require a reply from 51% of the resources at a time. Let’s try to understand it using an example of PoW consensus algorithm.