What are some popular consensus mechanisms used in the cryptocurrency industry?

1 answers

• DFGH HUGHESJun 19, 2021 · 4 years ago
  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.
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