Distributed Consensus Protocol: A Key Component of Blockchain
What is a distributed consensus protocol?
The distributed consensus protocol is a technical component of blockchain technology that ensures all participants agreeing on a unified transaction ledger – as opposed to a centralised system which operates with the help of a central authority. Tracing the history of consensus protocols to the 1970s, this article by Encora details the different properties of a consensus protocol (for example, it is collaborative, egalitarian, inclusive and participatory), takes you through the different consensus protocol types (voting-based or proof-based), and provides you with a method for comparing different protocols. It also explores what makes the distributed consensus protocol a central technology enabling blockchain decentralisation.
Ultimately, the article concludes that the choice for which consensus protocol or blockchain implementation depends on the project’s intended targets and mission. It’s crucial to distinguish between the different types of consensus protocols in order to choose the one best suited for you.
