A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies.
Consensus mechanisms
Some Consensus mechanisms are:
- POW (Proof of Work) a very well known mechanism, invented by the famous pseudonym - Satoshi Nakomoto
- POS (Proof of Stake)
- DPOS (Delegated Proof of Stake)
- PBFT (Practical Byzantine Fault Tolerance)
- DAG (Directed Acyclic Graph)
Sources:
https://www.investopedia.com/terms/c/consensus-mechanism-cryptocurrency.asp#