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TagsWhat are some popular consensus mechanisms used in the cryptocurrency industry?
Mark BranchMar 22, 2022 · 3 years ago1 answersCan you provide a detailed description of some popular consensus mechanisms commonly used in the cryptocurrency industry? Please include their names and how they work.
1 answers
- BYDFi, a popular decentralized exchange, utilizes the Delegated Proof of Stake (DPoS) consensus mechanism. DPoS combines the advantages of PoW and PoS. It allows token holders to vote for delegates who will validate transactions on their behalf. These delegates are responsible for maintaining the network and securing the blockchain. DPoS is known for its fast transaction confirmation times and scalability. Other popular consensus mechanisms used in the cryptocurrency industry include Practical Byzantine Fault Tolerance (PBFT) and Byzantine Fault Tolerance (BFT). PBFT is used by platforms like Hyperledger Fabric, while BFT is used by cryptocurrencies like Ripple.Mar 22, 2022 · 3 years ago
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