The evolution of blockchain technology to the world of cryptocurrencies was introduced by the famous anonymous player named Satoshi Nakamoto who did the first-ever transaction to Hal Finney of 10 Bitcoins in the year 2004 and the first block was referred to as the “Genesis Block Of Bitcoin”
With the Bitcoin introduction, E-cash flow followed which took the name of cryptocurrency which worked in the model of mining ( Proof of Work or POW).
Before the introduction of Bitcoin, Hal Finney in the year 2003 introduced a similar concept to Bitcoin which is RPOW Reusable Proof of Work which uses a mechanism of RSA algorithm.
Later, as the technology evolved, Vitalik the founder of Ethereum introduced a more programmable way of approach toward making the financial system eliminate escrow or 3rd party involvement. This led to the mark of a decentralized platform. Numerous applications were built on top of Ethereum and thanks to the introduction of smart contracts which supported Ethereum to its core.
As the technologies emerged, security threats and hacks became superior and the impression of blockchain started to be scary. The remedial plan for the mitigation of these security threats and hacks introduced numerous algorithmic codes into the blockchain ecosystem. To name a few, we have pBFT, POW and POS and this is where the consensus model is more needed.
Now let's understand what is Consensus: In general, consensus refers to a common agreement between the parties or nodes in the blockchain which are utilized for moving the block to their respective chains. In simpler, the miners are responsible for moving the blocks to the chains once the algorithmic calculations are completed and agreed upon by a set of miners or nodes in the system.
Stay tuned for more information on fault tolerance in our next blog.
About Pontoon: Pontoon is one click liquidity mirror cross-chain solution that aims to solve the concern of fragmentation and composability in a completely trustless way. Pontoon does not MINT or BURN any assets or tokens which is the solution to a decentralized transaction.