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Chain for financial interpretation - "consensus mechanism" of blockchain

Time : 29/05/2022 Author : wyn68l Click : + -
        We know the consensus mechanism of blockchain, so what is the consensus mechanism? Consensus can be simply understood as the consensus on a certain aspect of the common understanding, values, ideas, etc. sought by different groups. The consensus mechanism is to determine the way to reach a certain consensus and maintain it. In the blockchain system, there is no centralized bookkeeping institution like a bank to ensure the consistency of each transaction on all bookkeeping nodes, that is, it is very important to reach a consensus across the network. Consensus mechanism solves this problem. Our so-called "consensus mechanism" is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; For a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the whole network can also reach a consensus.
 
        Consensus mechanism is one of the core elements of blockchain. It determines the business throughput, transaction speed, tamperability, entry threshold, etc. of blockchain. It is one of the most critical technical elements. As a data structure that stores data in chronological order, blockchain can support different consensus mechanisms. Consensus mechanism is an important component of blockchain technology. The goal of the blockchain consensus mechanism is to make all honest nodes save a consistent blockchain view, while meeting two properties: consistency. The prefix part of the blockchain saved by all honest nodes is exactly the same. Effectiveness. The information published by an honest node will eventually be recorded in its blockchain by all other honest nodes.
 
        The core of the consensus mechanism is to make different nodes reach a consensus. His workload proves that the more he does, the more he collects. Its point: the algorithm is simple and easy to implement. There is no need to exchange additional information between nodes to reach a consensus, and destroying the system requires a great cost. Its disadvantages: it wastes resources, and the confirmation time of blocks is difficult to shorten. The new blockchain must find a different hash algorithm, otherwise it will face the computing power attack of bitcoin, which is prone to bifurcation. It needs to wait for multiple confirmations, and there will never be finality. It needs a checkpoint mechanism to make up for finality. So what problems does the consensus mechanism of blockchain mainly solve?.
 
        The consensus mechanism of blockchain is to solve the economic problems in blockchain. At the same time, the consensus mechanism can determine the owner of power in blockchain and prevent miners from cheating. Every miner in blockchain activities is selfish and pursues the maximization of interests. Only when other nodes agree that the workload of a node is effective and join the whole blockchain network can they earn profits. Therefore, abiding by the rules will be recognized by other nodes. Therefore, based on this point, nodes will spontaneously abide by the protocol.
 
        
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