Consensus Algorithm

Ethereum currently has a total annualized power consumption approximately equal to that of Finland, but its energy consumption is expected to decrease by ~99.95% after “The Merge" to a new consensus algorithm. The impact of consensus algorithms on blockchain technology cannot be understated. To put it simply, Blockchain is in essence a distributed database shared among nodes in a network. The consensus algorithm is a procedure in which all nodes of the network reach a common acceptance or consensus about the real-time state of this database. The School of Consensus Algorithms covers all you need to know about blockchain consensus algorithms, including the transition to the Proof-of-Stake consensus method in Ethereum.