How does quorum affect the consensus mechanism in digital currencies?

3 answers

• Kay LodbergDec 30, 2022 · 3 years ago
  Quorum is a crucial component of the consensus mechanism in digital currencies. It refers to the minimum number of participants required to validate and confirm a transaction. By setting a quorum, digital currencies ensure that transactions are not approved unless a certain number of participants agree on their validity. This helps prevent fraudulent or malicious transactions from being included in the blockchain, enhancing the security and reliability of the system.
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• NawaJun 11, 2020 · 5 years ago
  In simple terms, quorum acts as a checkpoint for transactions in digital currencies. It ensures that a sufficient number of participants have verified and agreed upon a transaction before it is considered valid. This consensus mechanism helps prevent double-spending and other forms of fraud, making digital currencies more trustworthy and secure.
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• Isti QomahFeb 17, 2023 · 2 years ago
  At BYDFi, we understand the importance of quorum in the consensus mechanism of digital currencies. By requiring a minimum number of participants to validate transactions, we ensure the integrity and reliability of our platform. Quorum plays a vital role in maintaining the security and trustworthiness of digital currency transactions.
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