Understanding Consensus

How does the Bitcoin network decide who has what? If no one is in control of the network, how is sharing of the ledger maintained? What happens when nodes on the network disagree about what transactions took place? Wrapping your head around consensus algorithms is one of the trickier parts of understanding how Bitcoin and other cryptocurrencies work. 

This video introduces and walks through the mechanics of consensus. We'll cover some of the technical specifics of consensus (more specifically, the Nakamoto Proof-of-Work consensus) in Unit 7.

Source: Velas Commerce, https://www.youtube.com/watch?v=GLD1ol3wRs8
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Last modified: Wednesday, January 24, 2024, 2:33 PM