Consensus in Blockchain

A blockchain network consists of various decentralized nodes. Nodes must store the same copy “ledger” . Therefore, they need to agree on the same state and the rules who is allowed to validate the next block and add it to the blockchain. The most famous consensus algorithms are Proof-of-Work and Proof-of-Stake but there are many more. All consensus algorithms in blockchain must be secure, effective, reliable and fair – cheating must be minimized.