Consensus is defined as agreement by the majority of people about something.
Consensus requires at least 51% of the people agree on something. Consensus is a very important part of cryptocurrency technology.
- With consensus, the digital records maintained by the network of computers, known as the blockchain, can be agreed upon as correct.
- With consensus, decisions can be made on how to fix or upgrade the cryptocurrency technology without relying on one single leader.
Consensus is a necessary feature in a decentralized organization like cryptocurrencies.