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What is consensus?
Imagine building a sandcastle with your friends.
To have a beautiful castle, you all have to agree on what it will look like.
That's a bit like a consensus.
When everyone agrees on something, it's called consensus.
In the case of cryptocurrencies like Pi Network, consensus is important so that all computers participating in the network have the same information.
What consensus does Pi Network use?
Pi Network uses a special kind of consensus, which is like voting.
When a decision needs to be made about something important, such as who can mine new coins, all the computers on the network vote.
If the majority of computers agree, the decision is accepted.
What technologies are used for voting?
The Pi network consensus algorithm is adapted from the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), which do not require energy consumption to reach consensus, making the blockchain ledger secure.
- Stellar Consensus Protocol (SCP)
It distributes the tracking and approval of transactions among many individual nodes (computers) rather than relying on a single closed central system. Nodes are run by organizations or individuals, and the goal is for all nodes to update the ledger in the same way, ensuring that each ledger reaches the same state.- Federated Byzantine Agreement (FBA)
Byzantine agreement is achieved when a certain minimum number of nodes (called a quorum) agree that the submitted mathematical solution is correct, thereby validating the block and allowing it to be included in the blockchain.
Why is consensus important?
- Security
Consensus makes it difficult to deceive someone or change the transaction history.- Confidence
Everyone knows that the rules apply equally to everyone.- Cooperation
Consensus shows how important cooperation is between all network users.
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