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What is Consensus Mechanism?
A consensus mechanism is the method a blockchain uses to agree on the state of the ledger. The two main types are Proof of Work (used by Bitcoin) and Proof of Stake (used by Ethereum).
Full Explanation
A consensus mechanism is the process by which all nodes in a blockchain network agree on the current state of the distributed ledger. It prevents double-spending and maintains integrity without a central authority. Main types: Proof of Work (PoW: Bitcoin, computational puzzles), Proof of Stake (PoS: Ethereum, locked collateral), Delegated PoS (EOS, TRON: elected validators), Proof of History (Solana: time-stamped sequence), Proof of Authority (private chains: trusted validators). Each makes different tradeoffs between security, speed, decentralization, and energy use.