Blockchain development has transformed multiple industries and is now unstoppable. The distributed decentralized network of Blockchain provides immutability, privacy, security, and transparency.
The Consensus Algorithm is a system used to validate the transaction authenticity and maintain underlying blockchain security. It is for the cryptocurrencies like Bitcoin and Ethereum. Also, the system ensures the recording of all legitimate transactions is on the blockchain. Each copy of the blockchain incorporates all valid transactions.
With the use of a consensus algorithm, every cryptocurrency blockchain operates. Also, to agree on the legitimacy of transactions, then it is a system that blockchain network user follows. The transaction records are on the blockchain, once there is a validation of the transaction.
Ivan Ivanov