What is consensus in blockchain?

  1. Blockchain is composed of p2p nodes.

  2. Pending Transactions are disseminated through the p2p network and are first placed in pending queues on nodes.

  3. A chain is a linear chains of transactions which is identical on each node.

  4. Transactions are added to the end of the chain in blocks

  5. The process of agreeing on the next block is called consensus. Depending on the chain either all nodes or miners participate