Question: Consensus Protocols, block chain. In order to achieve consistency and fault tolerance we deploy a family of protocols called Consensus Protocols. The system requires that

Consensus Protocols, block chain.

In order to achieve consistency and fault tolerance we deploy a family of protocols called Consensus Protocols.

The system requires that changes are incorporated after they have been communicated to the majority of the nodes!

Paxos, Raft and other algorithms exist to facilitate this, also blockchain takes advantages of a distributed commit architecture and hence its use in cryptocurrencies.

1)Describe the basic operation of blockchain and state how and why it can become a reliable and secure method for creating unique number sequences.

2)Review and explain in simple terms how crypto currencies use blockchain and other algorithms to produce this unique chain of numbers.

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