Abstract: Consensus mechanisms are a critical element of blockchain technology, enabling decentralized networks to achieve agreement at the validity and ordering of transactions across more than one nodes without counting on a central authority. Blockchain's consensus protocols ensure that each one participants in the network reach a common, immutable state of the disbursed ledger, fostering accept as true with and safety in an otherwise trustless environment. various consensus algorithms have been developed, each with its unique characteristics and trade-offs. The most well-known and widely used consensus mechanisms include Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and Practical Byzantine Fault Tolerance (PBFT), among others.In PoW-based blockchains, participants (miners) compete to solve complex cryptographic puzzles to validate transactions and add blocks to the chain. PoS, however, selects validators based totally on the number of tokens they hold and their willingness to "stake" the ones tokens as collateral. DPoS extends PoS by way of introducing a small group of elected delegates who validate transactions on behalf of the larger network, improving scalability. Consensus in blockchain is a crucial thing, directly impacting the network's safety, scalability, and decentralization. choosing the right consensus mechanism relies upon at the particular use case, the goals of the blockchain project, and the desired level of trust amongst members.

Keywords: Blockchain, Permissioned Consensus, and Permissionless Blockchain, Bitcoin, PoW, PoS, PoB, Cryptocurrency.

PDF | DOI: 10.17148/IJARCCE.2023.12734

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