Consensus algorithms are a decision-making process for a group, where individuals of the group construct and support the decision that works best for the rest of them. It’s a form of resolution where individuals need to support the majority decision, whether they liked it or not.
In simple terms, it’s just a method to decide within a group. Let me clear it up with an example. Imagine a group of ten people that want to make a decision about a project that benefits them all. Every one of them can suggest an idea, but the majority will be in favor of the one that helps them the most. Others have to deal with this decision whether they liked it or not.
Now imagine the same thing with thousands of people. Wouldn’t that drastically make it way more difficult?
Consensus algorithms do not merely agree with the majority votes, but it also agrees to one that benefits all of them. So, it’s always a win for the network.
Blockchain consensus models are methods to create equality and fairness in the online world. The consensus systems used for this agreement is called a consensus theorem.
These Blockchain consensus models consist of some particular objectives, such as: Coming to an agreement: The mechanism gathers all the agreements from the group as much as it can. Collaboration: Every one of the group aims toward a better agreement that results in the groups’ interests as a whole. Co-operation: Every individual will work as a team and put their own interests aside. Equal Rights: Every single participant has the same value in voting. This means that every person’s vote is important. Participation: Everyone inside the network needs to participate in the voting. No one will be left out or can stay out without a vote. Activity: every member of the group is equally active. There is no one with more responsibility in the group.