Blockchain | The Consensus Algorithm Function for Cryptocurrency

For fans of cryptocurrency certainly no stranger to the term cosmic algorithm, but many also just know but do not know the entry and function. Consensus algorithm has a very important and inseparable role in cryptocurrency and blockchain, the function of this algorithm is to become network security and integrity.

One of the cosmic algorithms is Prof of Work (PoW), this algorithm is considered the best. PoW is the best solution to overcome the Byzantine problem, which allows the creation of crypto "like Bitcoin" into a system that is resistant to Byzantine Fault. This also means that crypto blockchain "like Bitcoin" can withstand a 51% Attack. The reason 51% of the Attack is difficult is that PoW will make mining costs very expensive, of course, if the miner wants to do 51% of the Attack then he must invest enormous resources.

Cryptocurrency is made to be an alternative or a substitute for conventional financial systems that are considered to be very long in shipping and expensive. One can send cryptocurrency throughout the world quickly, safely and at a low cost "on average under 0.01 USD", and almost all cryptocurrency is decentralized and distributed to all computers connected to Network Nodes around the world.

A verified cryptocurrency transaction cannot be canceled, this is inversely proportional to the credit card company that allows repayment. Decentralized centralization cannot be controlled by any entity and transactions can be carried out without the intervention of a third party. However, cryptos created by companies or foundations have different levels of decentralization, these levels are determined by the network structure and distribution of nodes.

Cryptocurrency works on Blockchain technology, Blockchain is a series of linear blocks that are connected to one another and protected by cryptography. Each block generally consists of a series of transactions and references that occur in the previous block. The data contained in the blockchain cannot be deleted or modified, this is what makes the blockchain safe and reliable.

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Blockchain | The Consensus Algorithm Function for Cryptocurrency Blockchain | The Consensus Algorithm Function for Cryptocurrency Reviewed by sheffter on September 26, 2019 Rating: 5

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