Crypto Comics - What is Consensus

By xuanling11 | Crypto Learning | 26 Mar 2022

I shared my thoughts about Consensus.



I shared what consensus is and how to use it in the crypto space.

Some Takeaway

A consensus is a process to reach an agreement. Rather than a centralized organization in which one or few makes the consensus agreement, a decentralization organization involves every participant to join the process of consensus. How consensus works may vary from type of mechanism, but the goal is the same at the end to reach an agreement.      


Consensus Through Competition      

Proof of Work is a way to reach consensus through competition. An algorithm to make computers work to find solutions and to compete between and to receive incentives. Such design is to make a fair game for participants to join and to receive a fair share. Only the problem is that participants can invest in their gears and outpaced their competitors. In such a way, it brings up the bar of the game and quickly games out the competitors. Otherwise, PoW still works through a consensus way to reach an agreement through a competition.  


Consensus Through Power

Proof of Stake is a way to reach a consensus through each participant’s stake or power. The way is to try to distribute fairness to everyone to participate. But at the same time, the more stake one controls, the more likely one receives more incentives. Consensus works for whoever has a more stake rather than the fewer stake participants.


Consensus Through Reduction

Proof of Burn is a way to reach a consensus through reduction of the supply. Such short-term reduction boosts the long-term promise returns for participants. This works only if one fairly reduces their shares in the system. Such consensus is harder to balance since everyone is unwilling to reduce their stake because they want to gain from the system eventually. 


More Ways of Consensus

There are many other ways to design a consensus. The goal is to be sustainable in the decentralized system without sacrificing too much on its security and scalability. How to balance these 3 factors is an art rather than science for each creator to discover.  


Why Consensus

Since there is no centralized party to oversee the system, bad actors will always try to gain from the system. To prevent but not to discourage participants, the consensus is a way to involve everyone to reach a balance of agreement that suppose everyone will agree. In reality, it is harder to reach a consensus as it sounds it will. To rule out the odd that someone will damage the system, two-thirds of the number must agree on the consensus as known of the Byzantine Generals’ problem. Such game theory guarantees the security of the system and makes sure such a system is working properly. 


In conclusion

Consensus is a process to reach an agreement in the decentralized system. To ensure the system will work properly, the consensus must make sure two-thirds of the participants agree on one and others without jeopardizing the security of such a system. 

Photo by Joakim Honkasalo on Unsplash
Note: the post was shared on multiple platforms here.

You can refer my previous article lists here
Digital Commodities- the Unlimited Resources of Commodities Has Born
Universal Income in Crypto Way
DeFi 1.0 is Officially Dead - Welcome to DeFi 2.0
NFT Has a New Purpose
How Many Ads Are Too Much - Floki Inu Ads Got Backfire
Metaverse - Second Life Era
Bitcoin ATM Adoption and Its Potential Security Vulnerabilities
When Corporations Are Running By Everyone
The Fundamental Value Is Irrelevant
Coinbase At Huge Reputation Crisis
CBDCs' Flaw Design
Regulations Start Hitting Crypto Exchanges
From Bitcoin Standard To Zero-Knowledge Proofs - Decentralization 2.0
Shiba Hits 1 Million Users (Army) Milestone: What is Next?
How To Avoid Crypto Scammers
Crypto Philanthropy
Shiba Game - When Meme Meets Metaverse
Twitter CEO Steps Down - A Full-Time Bitcoiner
Change of Macroeconomy Landscape
CBDC Is Losing The Game
Crypto AWS
Doge The Future
El Salvador's Bitcoin
Market Sentiment Has Changed
Brief History of Ethereum and How Ethereum 2.0 May Over Promise
Crypto Is Getting Real
Who Cares If Craig Wright Is The Real Satoshi
Institutional Investors vs. Whales
What Happened In BadgerDao
A Proposal To Move Bitcoin Mining PoW Away
IMF Keep Crying Out, Crypto Adoption Keep Accelerating
Dogecoin Is Back to Top 10 But The Moon Shot Is Looming
How to Avoid The New Wallet Scam
Defi Enters To Crypto Bond Phase
What Types of Metaverse You Want
Global Regulations Are Coming Or Can They
IMF Did Have A Plan to Run Global Regulations
Doge Starts Moving
A New Malware Will Steal From Telegram
Smart Money Is Out, Institutional Money Is In
Wait, Web3 or Web 3.0 or web3
Airdrop?! Not So Lucky Anymore!
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
Craig vs People
Polygon Enters ZKPs - Plonky2 Backfire - When Centralized Crypto Service Panic
Coinbase NFT Marketplace
Crypto Paycheck
Coinbase Customer Service Alive
When Meta Patented Metaverse
When You Want Someone Forget About What You Did, Just Change You Name
When YouTube Enters Into NFTs
Facebook Just Did the Rug Pull
Bridging Between Web2 to Web3 Through NFTs
DAO The Way Part 1
DAO The Way Part 2
Who Is The Winner of The Crypto Adoption
Phishing Attacks
DAO The Way Part 3
What You May Expect NFTs After 6 Months and Beyond
DAO The Way Part 4
Licensed NFT vs. IP Law
Wormhole Hack - It May Not Be a Bad Thing
Preventing Rug Pulls
DAO The Way Part 5
Lessons Learned From Wonderland DAO
DAO The Way Part 6
Learn How To Defi Part 1
DAO The Way Part 7
Discord Scams
DAO The Way Part 8
Learn How To Defi Part 2
Learn How To Defi Part 3
DAO The Way Part 9
Learn How To Defi Part 4
DAO The Way Part 10
DAO The Way Part 11
Learn How To Defi Part 5
Crypto Comics
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Crypto Comics - What is Token
Crypto Comics - What is DeFi
Crypto Comics - What is Wallet
Crypto Comics - What is HODL
Crypto Comics - What is Coinbase
Crypto Comics - What is PoS
Crypto Comics - What is DAO
Crypto Comics - What is A Block
Crypto Comics - What is NFT
Crypto Comics - What is Fork
Crypto Comics - What is Web3
Crypto Comics - What is DeFi-2
Crypto Comics - What is Yearn Finance
Crypto Comics - What is Degen
Crypto Comics - What is Aping
Crypto Comics - What is Cold Wallet
Crypto Comics - What is Hot Wallet
Crypto Comics - What is Airdrop
Crypto Comics - What is DYOR
Crypto Comics - What is 65537
Crypto Comics - What is RC4
Crypto Comics - What is WAGMI
Crypto Comics - What is Bagholder
Crypto Comics - What is Decentralization
Crypto Comics - What is Wallet Address
Crypto Comics - What is Plagiarism in Web3
Crypto Comics - What is Bart Pattern
Crypto Comics - What is Encryption
Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.

How do you rate this article?




A delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters to write with a freestyle.

Crypto Learning
Crypto Learning

All article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.