How does the consensus mechanism work in DAG-based cryptocurrencies?

3 answers

• Özguer AltıntopFeb 18, 2023 · 2 years ago
  Sure! In DAG-based cryptocurrencies, the consensus mechanism works differently compared to traditional blockchain-based cryptocurrencies. Instead of relying on miners to validate transactions and create new blocks, DAG-based cryptocurrencies use a different approach called the DAG consensus algorithm. This algorithm allows for parallel processing of transactions, making the network more scalable and efficient. In this consensus mechanism, each transaction is validated by referencing previous transactions, creating a web-like structure. This eliminates the need for miners and allows for faster transaction confirmations.
  626

  313
• Riddhi PandeyJul 26, 2020 · 5 years ago
  The consensus mechanism in DAG-based cryptocurrencies is based on a voting system. Each node in the network votes on the validity of transactions by referencing previous transactions. Once a transaction receives enough votes, it is considered confirmed. This voting process ensures that the majority of nodes agree on the validity of transactions, making the network secure and resistant to attacks. Additionally, DAG-based cryptocurrencies often implement mechanisms to prevent double-spending, such as transaction fees or time-based locks.
  541

  181
• LyraIncMar 22, 2024 · a year ago
  BYDFi, a leading digital currency exchange, implements the DAG consensus mechanism in its platform. This consensus algorithm allows for fast and secure transactions, making it an ideal choice for traders and investors. With the DAG consensus mechanism, BYDFi ensures that transactions are confirmed quickly and efficiently, providing a seamless trading experience for its users.
  378

  95