Web3bridge Students (cohort 11) Share What They’ve Learned: Consensus mechanism.

my name is Poma Michael jel and um we are here to give you weekly updates on um our classes in web Tre Bridge the class has been exciting and rigorous at the same time so um we just came into the cohort and on the first after the first week of onboarding we we didn't even have our first class before we wrote our first test and it came to us as a shock as a surprise because we just you know cruising through we in we three bridge and then the first thing we had was a test and the test was I think it was 8 minutes and there were no there were no grace period 8 minutes is 8 minutes and we had to he was he was surprised but I think he got us on our toes and then we had to uh be we have to be uh ready for anything that comes along with the pre Bridge the the hospitality here is uh it's topnotch actually it's Top Notch and then I'm not getting further and I don't believe that I'll get F at some points in week one but probably at the end of the program uh let's see how God does it I would like us to understand what consensus really means and consensus is just basically an agreement between uh uh between people it could be business people it could be uh classmate it could be Hospital uh agreement who more beyond that and then well we know that consensus is basically an agreement then what is a consensus mechanism now consensus mechanism is that system that allows a clent by a client I mean you and I out there to agree on a blockchain u before you perform any transaction on a blockchain the last process you have to complete on a blockchain is to make an agreement to reach an agreement which is the consensus mechanism that system that plays you know the blockchain to reach an agreement and um we we have um different types of uh consensus mechanism we have proof of work and proof of stake um proof of work is um underlying algorithm that set that set that miners have to solve um for to add a block to add the valid block to the blockchain so uh with proof of work miners do the mining work to add a valid block to the blockchain why is this important is um the longer the chain the more valid the network is and this attaches to the security of the network because for someone to um to attack such a u a network they need 51% of the Network's Computing part so that makes makes it a very good security reason for the blockchain and also um different mean different blockchains use proof of work like Bitcoin and also the old ethereum so the proof of stake is a mechanism whereby different nodes or computers come together to agree on a particular um transaction or block before they added to the blockchain and to become one among these members must be a validator in the chain now to become a validator you have to to stake that's why it's called proof of stake you have to put in some form of asset to show that hey I want to be part of this um mechanism to validate transactions so now I got to learn that to be a validator you have to also umake some of 32 ethereum some of 32 ather before you can become a validator and also the jobs of validator are to validate transactions validate that um they are real and they are um solid before they added to the chain now among aside being a validator when you approve a block to added to the chain they are rewards uh once the other notes or the other validators acknowledge the fact that what you said is correct there are rewards assigned to the validators so as so as that as there rewards there are also penalties when you um approve the wrong block or or when you where there are some form of dishonesty and this penalty can go as far as the rewards you get rewarded and also you get penalized and the penalty can be a whole lot as losing your full 3288 which you have St to become a validator and then you'll be kicked out as from being a validator thank you [Music]