Posted on: 09. March 2018

Consensus Process

# Provider of the Month - Passive income through Masternodes
The GetNode Club offers its members a stake in the only ever Masternode pool. to the provider - (https://www.getnode.io).

What does the Consensus Process mean?

The Consensus Process ist a term in use with the Blockchain.Basically, cryptocurrencies renounce a central, regulating organization and instead focus on the aspect of decentralization.

The decentralization and the autonomy of the blockchain play a decisive role in this. However, the exclusion of official organizations means that reliability must be guaranteed for the prevention of fraud and theft in the context of Blockchain.

In order to meet these requirements, all transactions of the network are stored in a blockchain, which is to be understood as a sequence of several blocks. Due to the peer-to-peer nature of the network, the property of the entire blockchain is copied multiple times and stored on different nodes.

Another basic condition is to maintain the integrity of the blockchain. To ensure this, a consensus must be established which ensures that the various nodes of the network must match the contents of the blocks.

What is the purpose of the Consensus Process?

The consensus process is used to ensure consensus within the blockchain. The consensus process can be represented by several models.

The best-known model is known as the Proof of Work. In this case, a confirmation of a transaction takes place only if the users solve a mathematical problem, which gains in difficulty over time.

The users who perform this task are referred to as miners and receive tokens of the appropriate currency for the work done.

The consensus can also be guaranteed by the Proof of Stake. In this case, active mining is dispensed with and instead set to the transaction confirmation by other users.

In return for this work, an annual interest is guaranteed. The latest approach is called Proof of Authority.

This transaction is confirmed by validators so that a particularly fast transaction time can be guaranteed.


Passive income through Masternodes
Editor's recommendation: The Masternode Pool Club GetNode is the only provider of its kind. GetNode allows its members to participate in a unique masternode pool that is already over 100 Bitcoin in size. Through active management of the pool and constant purchase of new masters, GetNode has achieved very good results. So who ever wanted a passive income through Masternodes , here is the change. With a minimum of 1000 Euro or 0.2 Bitcoin a quick start is possible. The deposit can be made via Bitcoin or Euro. The payment is made automatically every two weeks via Bitcoin. We are even invested in GetNode with 1.2 Bitcoin and so far we are very satisfied with the results.

Leave a Reply

Your email address will not be published. Required fields are marked *

Bots can not vote

4.79 / 5 Stars
698 reviews for Coin-Report.net submitted.