Intermediate
Consensus mechanism
Also: consensus mechanism, consensus mechanisms
The method a blockchain's computers use to agree on which transactions happened, and in what order.
Without a central operator, thousands of computers have to agree on a single history. The consensus mechanism sets who may propose the next blockBlock A batch of transactions added to a blockchain at one time., how others check it, and what happens to cheaters. The best-known designs are proof of workProof of work A consensus method where miners spend computing power to earn the right to add the next block. and proof of stakeProof of stake A consensus method where validators lock up coins as collateral for the right to add blocks..