📌 Decentralized Consensus Models Summary
Decentralised consensus models are systems that allow many independent computers to agree on the same data or decision without needing a single central authority. These models help ensure that everyone in a network can trust the shared information, even if some members are unknown or do not trust each other. They are a fundamental part of technologies like blockchains, enabling secure and transparent record-keeping across distributed networks.
🙋🏻♂️ Explain Decentralized Consensus Models Simply
Imagine a group of friends trying to decide what movie to watch. Instead of one person making the choice, everyone votes and the most popular option wins. Decentralised consensus models work in a similar way, making sure everyone agrees on the outcome without needing a leader or boss.
📅 How Can it be used?
A project could use a decentralised consensus model to ensure secure agreement on transactions between users without relying on a central server.
🗺️ Real World Examples
Bitcoin uses a decentralised consensus model called Proof of Work, where thousands of computers worldwide compete to solve puzzles. The first to solve one adds a new block of transactions to the blockchain, and the rest verify it, ensuring agreement without a central authority.
In supply chain tracking, decentralised consensus allows multiple companies to contribute and verify shipment data. This ensures all parties have the same, trusted record of where goods are at each stage, without a single company controlling the database.
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