Voting-based consensus refers to a category of decentralized agreement mechanisms where network participants cast votes to validate transactions or decide on network upgrades. This method typically involves token holders or elected representatives using their stake or delegated power to approve or reject proposals. It aims to achieve collective agreement and maintain the integrity of the blockchain. Such systems prioritize community governance and collective decision-making.
Context
News about cryptocurrency often discusses voting-based consensus in the context of decentralized autonomous organizations (DAOs) and blockchain governance models. Reports might detail proposals being voted on, the distribution of voting power, or the outcomes of significant network decisions. Understanding voting-based consensus provides crucial context for comprehending how decentralized communities manage their protocols and evolve over time. It highlights the democratic aspects of many digital asset ecosystems.
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