Consensus in the network refers to the process of achieving agreement among the network nodes as to the correct/stable state of data on the system. Consensus leads to all nodes sharing the exact same data. A consensus algorithm, hence, does two things: it ensures that the data on the ledger is the same for all the nodes in the network, and, in turn, prevents malicious actors from manipulating the data. The consensus algorithm varies with different blockchain implementations.

While the Bitcoin blockchain uses Proof of Work as the consensus algorithm, other blockchains and distributed ledgers are deploying a variety of consensus algorithms, like the Proof of Stake, Proof of Burn, Proof of Capacity, Proof of Elapsed Time, and many others, depending on their unique requirements.

 

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