A consensus mechanism is the standardized way of how a blockchain’s nodes – the computers that run the blockchain and keep the records of all transactions – reliably reach agreement. Here's how it works:
. To coordinate and maintain such a decentralized system, the participants must agree on the correct condition of the system and who owns what at any time.– the computers that run the blockchain and keep the records of all transactions – reliably reach this agreement.The goal of a consensus mechanism in the world of crypto is to prevent bad actors from deliberately cheating.
To “double-spend,” a bad actor would need to get the nodes to adopt a false history of the transactions, a narrative where the bad actor has not spent the tokens and given them to Bethany. Consensus mechanisms solve the double-spending problem by making it expensive and difficult to propose a new block of validated transactions, discouraging bad actors from trying.
Simultaneously, the mechanisms incentivize the"good" nodes to propose blocks they genuinely believe will be accepted in order to receive valuable rewards. As long as there are more good actors than bad actors, Anthony will not be able to change the records on the blockchain to falsify his transaction with Bethany.
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