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How Blockchains Agree on Truth! 🔥
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Summary
Written from the stream's auto-generated captions.
- Getting the network to agree on one shared version of the truth or the network, you could say.
- Consensus is the mechanism on how blockchains verify transactions and agree the current state of the network.
- One of the biggest questions in cryptocurrency is how does decentralized network really agree on what is true?
- That's one of the breakthroughs behind blockchain technology.
- Different blockchains use different methods proof of work or proof of stake, but their goal is always the same.
Show transcript (1 sections, auto-generated captions, expect typos)
One of the biggest questions in cryptocurrency is how does decentralized network really agree [music] on what is true? That is where consensus comes in. Consensus is the mechanism on how blockchains [music] verify transactions and agree the current state of the network. Instead of trusting one [music] company, one authority, thousands of participants working together to validate information. Different blockchains use different methods like proof of work or proof of [music] stake, but their goal is always the same. Getting the network to agree on one shared version of the truth or the network, [music] you could say. And that's one of the breakthroughs behind blockchain technology. Without consensus, blockchain wouldn't function [music] at all.
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