Decentralized Consensus and Governance
Blockchain is a technology that enables decentralized consensus and governance among multiple nodes without relying on a central authority or intermediary. Blockchain can achieve agreement on the state of the ledger among multiple nodes by using consensus mechanisms, such as proof-of-work (PoW), proof-of-stake (PoS), proof-of-authority (PoA), proof-of-history (PoH), and proof-of-burn (PoB). Blockchain can also establish the rules and policies for network participation and dispute resolution by using smart contracts and governance models, such as on-chain governance, off-chain governance, delegated governance, liquid democracy, or futarchy.