WHAT ARE CONSENSUS ALGORITHMS OR PROTOCOLS?
The transparency and security offered on blockchain networks is arguably the most attractive aspect of this technology. A blockchain is a ledger of transactions that are distributed to every participant on a network of personal computers/devices. When a new transaction occurs, it must be validated by all the participants of the blockchain, establishing trust and transparency between multiple parties without the need of a central authority.
Ultimately, the process by which a growing blockchain validates transactions across the network of participants is known as the consensus algorithm. To understand what features make certain cryptocurrencies attractive over others, it is important to recognize technical differences between their underlying consensus algorithms.