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Web3 has become a buzzword that incorporates concepts such as blockchain technologies, NFTs, metaverse, Dapps, Defi, etc. Blockchain has replaced third-party trust with decentralized ledgers, a new iteration of the World Wide Web.
The root of decentralized peer-to-peer networks lies in one patent working mechanism called the Consensus mechanism. The consensus protocol makes sure that every new block that is added to Blockchain is the only version of the truth that is agreed upon by all the nodes in the chain.
We hear about the most popular consensus mechanisms, proof of work (PoW) and proof of stake (PoS), but what purpose do they serve? Also, what are the other less-know but yet important consensus mechanisms? Keep reading the article to understand more about the consensus mechanisms and follow our blog to receive more freshly brewed updates on Web3.