1. PixelPlaygroundHome
  2. Web3 News

What does Consensus Macroscopic Mean (Meaning of Consensus)?

• Web3 News • 118 views

What does Consensus Macroscopic Mean? What does Consensus Macroscopic Mean?In th

What does Consensus Macroscopic Mean (Meaning of Consensus)?

What does Consensus Macroscopic Mean? What does Consensus Macroscopic Mean?

In the field of blockchain, consensus is achieved through a certain way to reach an agreement. This consensus can obtain data and resources from multiple sources, such as Bitcoin or Ethereum, EOS and other public chains, such as Bitcoin.com, Ethereum, NEO, etc. These nodes can be aggregated together or compete with each other to obtain the right to bookkeeping (if everyone participates), making the transaction process more efficient and secure. It can also use some cryptocurrencies for payment, such as Monero, Dash, etc., which can make the whole ecosystem more decentralized.

Since the consensus of most people comes from a few groups, it means that they cannot meet the requirements of other groups. (Reference:

https://www.bitconist.org/en-us/detail/equivalent-of-protocols-network/)

However, for a specific network, its efficiency is low. Because there is no interoperability between nodes in the network (even if only a small part) and can only retrieve information as needed. Therefore, when there are a large number of nodes in the network, it will lead to a lot of fraudulent behavior, which will affect the security and operation of the network, and eventually cause hacker attacks.

The mainstream protocols in the current market include Compound and MakerDAO. Although they also have similar problems, not all tokens are verified, so their security may be higher than many projects. (Note: “inflation rate” refers to the price fluctuations of the assets with the largest circulating market value).

However, Bitcoin as a distributed ledger technology has been developed. Bitcoin is widely regarded as one of the most valuable technologies in the world. Over time, this number may increase significantly, especially considering the current Bitcoin supply of 21 million coins. However, due to its limited scope of application and fast usage frequency, people usually do not consider Bitcoin as “scarce” because it has huge potential. Nevertheless, it may still not have a direct relationship with other cryptocurrencies.

However, there are exceptions. The number of Bitcoins is slightly higher than 200 million, and this amount is almost always fixed within 1 to 2 million units, which means Bitcoin holders do not care about the price of Bitcoin and do not worry about losses caused by market fluctuations. However, if Bitcoin continues to grow and remain stable, then we can know whether Bitcoin is still in a bull market. The long-term trend of Bitcoin is shown in the following chart:

The table above mainly introduces the historical cycle of Bitcoin and summarizes it into three stages: early stage, seed period, mature period, halving, decline period, and events that occurred before the last large increase.

Some events that occurred after the first two major declines include the 51% hash power crisis that occurred on November 13, 2013. After that, BTC experienced a second major decline, the bear market from March 15 to 18, 2017.

Meaning of Consensus

In the field of blockchain, consensus is a very important concept. It is a way for multiple participants to reach an agreement protocol to achieve effective network transactions. It mainly includes two parts: one is Bitcoin and cryptocurrencies, and the other is Ethereum.

Due to the unique design features of Bitcoin, its characteristics make Bitcoin one of the most popular payment systems in the world. However, like most technologies, both of these different mechanisms require users to use the same data set as their data storage repository, so that they can process information and keep them up to date in a secure and efficient manner.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/24017/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/15/2023 08:37
Next 08/15/2023 08:59

Recommended articles