Consensus Mechanism

Ethereum’s difficulty bomb is a tool for maintaining network consensus between all classes of participants. This is a challenging task for Ethereum compared to Bitcoin, which performs frequent backward-incompatible hard forks. The most significant of these – is Ethereum 2.0; the difficulty bomb will ensure the community’s smooth transition to the new protocol. Review: Ethereum 2.0 and Proof Of Stake To understand the necessity of the bomb, we must review some of Ethereum's history. Ethereum uses a proof-of-work consensus mechanism…

A consensus protocol is the core of the blockchain network. Since the blockchain network is decentralized and works without third parties, a consensus protocol plays decision-making. Before data can be stored in the system's blocks, it needs to be correct and without conflict.  The system requires participants (validators) to authenticate transactions with the help of virtual machines. Once each validator gives their verdict on each transaction, the system converges the data and decides on the most appropriate and agreeable opinion—a…