What Is a Consensus Mechanism in a Blockchain Network?

A consensus mechanism is a set of rules and protocols that allows distributed nodes on a blockchain network to agree on the state of the ledger. It ensures that all participants have a consistent and accurate copy of the transaction history.

This process is essential for validating new transactions, adding them to the blockchain in a secure and trustless manner, and preventing fraudulent activities like double-spending. Common examples of consensus mechanisms include Proof of Work (PoW) and Proof of Stake (PoS).