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Differences between several common blockchain consensus mechanisms

Time : 17/06/2022 Author : p8lj6t Click : + -
        Everyone has a general ledger. For the same transaction, if everyone writes one up, it must be messy; Therefore, the ledger can only be recorded by one person, so who records this transaction in the blockchain and identifies whether the transaction written down is reliable is what the consensus mechanism does. People who want to keep accounts have to get the right to keep accounts first. After getting the right to keep accounts, they can generate blocks, that is, build transaction information into new blocks. The computer participating in the system of the whole network calculates the probability calculation problem given by the system through its own computing power, and obtains the bookkeeping right of the block by solving the problem. The higher the computing power is, the higher the probability of the computer calculating the answer is. Therefore, what we spell is the computing power of the computer.
 
        When you dig out this "mine" first, that is, after calculating the problem published by the system to the whole network, you should record this "mine", that is, the transaction record, in your own account book, and then broadcast to the participants of the whole network: this transaction record, I recorded in my account book, you verify that if there is no problem, you should also synchronously update the "mine" like me in your own account book, Then the system will reward the first bookkeeper with a certain amount of bitcoin, which will be distributed to his system wallet. This ensures the consistency and security of the whole blockchain and creates a positive circular economic system. So that the decentralized blockchain can rely on its own system and the participation of miners in the whole network to grow without the premise of third-party trust institutions or governments.
 
        Among them, POW algorithm is the most criticized because it consumes a lot of energy. In order to obtain bitcoin rewards, as more and more people participate, they need to constantly improve the computing power of their computers. Behind this huge computing power, in addition to the continuous updating of equipment, personal participation in bitcoin mining has been a dream. Unexpectedly, its power and energy consumption is also huge. Mining has become an energy intensive industry, which can no longer be played by individuals or small groups. The miner converts legal currency into virtual currency, and then makes a bet when mining, that is, how much money is invested in the mining process of the current block, and the money invested, we call it margin. The margin can determine the difficulty of mining. The more money is invested, the lower the difficulty of mining.
 
        Proof of equity (POS) algorithm determines the distribution of income by comparing the amount of money invested, while proof of authority (POA) refers to the use of identity, and nodes need to pass identity verification first,. Proof of authority or POA is an algorithm. Through the consensus mechanism based on identityasstake, it can provide a faster transaction rate (compared with POW). A popular blockchain project using POA mechanism is oraclenetwork. As a public network based on Ethereum, it allows faster execution of smart contracts and uses respected personal consensus to make blockchain affordable and accessible to everyone from small businesses to large enterprises.
 
        
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