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Most people associated with the crypto market are well aware of the fact that any blockchain-based technology, in its essence, involves the use of distributed, decentralized networks that are designed to deliver a high level of immutability, privacy, security, and transparency. This is because there are no central authorities governing the transactions taking place within such a network even though every associated transaction is considered to be completely secure and verified.
This is made possible due to the presence of a ‘consensus mechanism’, i.e. a governance protocol that lies at the heart of any blockchain. Technically speaking, a consensus algorithm is a digital process by which the members of a particular network can come to a common agreement regarding its current state. To put it another way, consensus mechanisms help make...
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