Algorithm and Blockchain
Blockchain works on the principle of more than a dozen consensus algorithms (viz. PoW: Proof of Work, PoS : Proof of Stake, etc.).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 is a form of resolution where individuals need to support the majority decision, irrespective of whether they liked it or not. Blockchain consensus models are methods to create equality and fairness in the online world.
Consensus algorithms in blockchain are what that makes all the blockchain consensus sequences different from one another. Blockchain network facilitates millions and millions of people in the same space. They never interfere with one another or exist mutually because the architecture of the blockchain network is cleverly designed, and consensus algorithms are at the core of this architecture.
Blockchain relies on consensus algorithms to reach agreement among nodes. The consensus algorithm plays a crucial role in maintaining the safety and efficiency of blockchain. Using a right algorithm may bring a significant increase to the performance of blockchain application.