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What is Consensus Mechanism

Chapter 6
Concepts, Technologies, Challenges, and the Future of Web 3
The process through which a decentralized network obtains unanimous agreement on the state of the system.
Published in Chapter:
The Development of Decentralized Governance Models for Web 3 Ecosystems
Tanuj Surve (University of California, Berkeley, USA) and Risha Khandelwal (JECRC University, India)
Copyright: © 2023 |Pages: 17
DOI: 10.4018/978-1-6684-9919-1.ch006
Abstract
This chapter delves into the development of decentralized governance models for Web 3 ecosystems. It analyzes the shortcomings of traditional governance models and how decentralized models can overcome them. The chapter then investigates several decentralized governance models, such as reputation-based systems, liquid democracy, and decentralized autonomous organizations (DAOs), as well as their benefits and drawbacks. The challenges associated with establishing decentralized governance models are also explored. Lastly, the chapter explores potential future advancements as well as best practices for creating and implementing decentralized governance models in Web 3 ecosystems. All in all, the importance of decentralized governance models in encouraging openness, participation, and accountability in Web 3 ecosystems is highlighted in this chapter.
Full Text Chapter Download: US $37.50 Add to Cart
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Chapter 5
Crypto Coins and Ethereum: Pioneering Decentralized Finance
A system used in blockchain networks to achieve agreement on a single data value or a single state of the network among distributed processes or multi-agent systems.
Published in Chapter: Crypto Coins and Ethereum: Pioneering Decentralized Finance; From: Decentralizing the Online Experience With Web3 Technologies
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Chapter 9
Blockchain Technology: Initiatives and Use Cases in the Industry
This is the process that refers to rules and mechanics for maintenance and updating of ledger in a Blockchain that guarantees trustworthiness of the records, i.e. their reliability and authenticity.
Published in Chapter: Blockchain Technology: Initiatives and Use Cases in the Industry; From: Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector
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Chapter 3
A Blockchain-Based Approach to Revolutionizing Healthcare
Conflicts among nodes will undoubtedly occur in decentralized networks with a distributed structure. By working together through the appropriate channels, the interconnected entities will reach a common understanding, preserving the integrity of the system. This is known as a consensus mechanism. A decentralized network uses it to solve the synchronization issue.
Published in Chapter: A Blockchain-Based Approach to Revolutionizing Healthcare; From: Revolutionizing Digital Healthcare Through Blockchain Technology Applications
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 7
Blockchain Tokenisation in Grant Management
A method by which parties in a network reach an agreement about the correctness of transactions in a shared ledger.
Published in Chapter: Blockchain Tokenisation in Grant Management; From: Blockchain Technology Applications in Businesses and Organizations
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Chapter 5
Blockchain Risk and Uncertainty in Automated Applications
Used to ensure that trust is distributed among all concerned parties internally within a network, without relying on external third party.
Published in Chapter: Blockchain Risk and Uncertainty in Automated Applications; From: Opportunities and Challenges for Blockchain Technology in Autonomous Vehicles
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Chapter 1
Blockchain Advances and Security Practices in WSN, CRN, SDN, Opportunistic Mobile Networks, Delay Tolerant Networks
An agreement in relation to a single data value made by all members in a group of a blockchain based system such as with crypto-currencies.
Published in Chapter: Blockchain Advances and Security Practices in WSN, CRN, SDN, Opportunistic Mobile Networks, Delay Tolerant Networks; From: Revolutionary Applications of Blockchain-Enabled Privacy and Access Control
Full Text Chapter Download: US $37.50 Add to Cart
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