blockchain network on where a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block should be located on the chain and what its contents should be.</p>\n<p>Typically centrally organized systems have a single authority figure that makes the important decisions. These can be <strong>centralized accounting ledgers</strong> used by businesses to record economic transactions. The accounting department is normally responsible for managing the ledger, making it the central authority figure for transaction records.</p>\n<p>Since decentralized systems contain numerous independent actors distributed around the network, all of them have the same weight in authority decision-making. Thus, all decisions are made collectively, by reaching a consensus.</p>\n<p>Blockchain consists of transactions that are updated by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-miner/">miners. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":187,"original_id":null,"author_id":40,"translator_id":null,"title":"What are Collateral Tokens?","slug":"what-are-collateral-tokens","section":"C","keyword":"Collateral Tokens","status":"published","definition":"tokens that can cover at least a portion of a loan.","content":"<p>Collateral tokens serve as a risk-reducing commodity for lenders when borrowers apply for a crypto loan. <strong>The term is also used in</strong> <strong>traditional banking.</strong></p>\n<p>For instance, if you wish to purchase a new vehicle and take out a mortgage, you are basically pledging it as collateral if you are unable to repay the mortgage.</p>\n<p>Also, if you want to borrow cryptocurrency and the lender wants to reduce the risk, they might want collateral. <strong>The interaction takes place</strong> <strong>on the blockchain.</strong> Borrowers contribute a certain amount of one token in order to get a certain quantity of another token, such as <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">ETH or <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">BTC.

/n

Crypto lenders certainly confront high-risk issues, and collateral tokens are an adequate solution. <strong>Lenders acquire sufficient security if the deposit is made in collateral tokens</strong>, which means that, if a defaulted loan case arises, they will be compensated in some way.</p>\n<p>Moreover, crypto fans may also use their collateral tokens to pay in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat for products and services. This degree of adaptability is quite useful for cryptocurrency investors, as it provides them with a varied portfolio that can be used on a regular basis.</p>\n<p>There are several collateral tokens available. <strong>The COLL token</strong> is one of the most well-known collateral tokens. It was intended to permit holders to pay for goods and services in fiat using funds borrowed upon their COLL holdings.</p>\n<p>No one questioned the need for a contemporary, blockchain-based loan system after decentralized finance first emerged. Hence, collateral tokens made it possible. Of course, lending banks did already have security collateral and the cryptocurrency industry was way behind &mdash; but only in the beginning.</p>","level":"easy","meta_title":"What are Collateral Tokens? Definition & Meaning | Crypto Wiki","meta_description":"Collateral Tokens meaning: Collateral Tokens - A collateral token is one that can cover at least a portion of a loan.","meta_keywords":null,"language":"en","created_at":"2022-02-23T15:04:17.000000Z","updated_at":"2022-09-22T10:50:26.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-collateral-tokens"},"prevSection":{"id":185,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Composable DeFi?","slug":"what-is-composable-defi","section":"C","keyword":"Composable DeFi","status":"published","definition":"the capability of DeFi protocols to work in tandem.","content":"<p><strong>Composable DeFi</strong> refers to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-interoperability/">interoperability between different <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">decentralized finance (DeFi)</strong></a> protocols. Decentralized finance arose with the development of Ethereum-based <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. Since then, DeFi has seen numerous developments and improvements which saw the traditional finance (TradFi) structure revolutionized.</p>\n<p>DeFi allows anyone with access to the internet to use a broad range of blockchain-based financial products. It acts as a borderless, <strong>decentralized</strong> marketplace. Although DeFi has become what it is thanks primarily to the programmable smart contracts, it offers numerous other technical advantages.</p>\n<p>Smart contracts are capable of composability &ndash; a feature connecting the entire DeFi ecosystem. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">Decentralized exchange (DEXs)</strong></a> platforms, loan protocols, collateralized loans, <strong>futures markets</strong>, and other DeFi aspects are all part of composability.</p>\n<p>Composability is a technical feature allowing interoperability between different parts of a single system. Thanks to composability, the different DeFi protocols are able to work in conjunction. This creates a parallel digital financial system that can be accessed from anywhere in the world and is not governed by centralized authorities.</p>\n<p>Developers can take advantage of composable DeFi to create different combinations of protocols and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized apps (dApps)</strong></a>.</p>\n<h2>How Does Composable DeFi Work?</h2>\n<p>Money legos are programmable DeFi protocols and decentralized apps. Since money legos are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-open-source/">open-source, developers can program them for interoperability and synergy, as well as utilize the code to improve their own DeFi protocols and make them better compatible with each other.</p>\n<p>On the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum blockchain, where smart contracts originated, developers can find a nearly endless supply of composable DeFi products. Since the blockchain itself is <strong>permissionless</strong>, meaning that there is no regulatory entity, developers can build their own dApps and integrate aspects of existing protocols on the Ethereum blockchain simply by paying the gas fees.</p>\n<p>This model of decentralized development is possible because smart contracts are designed to be composable. This feature allows both developers and users to engage with decentralized financial strategies.</p>\n<p>For example, users can take the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens (NFTs)</strong></a> that they own and use them as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-collateral/">collateral to receive loan offers. Once they pay back the loan in full, they reclaim their NFTs; however, if they default the loan, the NFT goes to the lender, following the same principle as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-collateral-tokens/">collateral tokens</strong></strong></a>.</p>\n<p>Furthermore, users can rent out their utility NFTs or earn interest on them. This can be useful for those who are interested in the utility of NFTs but do not wish to purchase one. It&rsquo;s possible that the ability to use NFTs as collateral or a rental object will gain more use in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metaverse/">metaverse&nbsp;projects.

","level":"medium","meta_title":"What is Composable DeFi? Definition & Meaning | Crypto Wiki","meta_description":"Composable DeFi meaning: Composable DeFi - the capability of DeFi protocols to work in tandem.","meta_keywords":null,"language":"en","created_at":"2022-02-23T14:52:06.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-composable-defi"},"currentChapter":"C","currentSection":"what-is-consensus","chapterTitle":"C","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-consensus","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter C

What is Consensus?

Consensus MEANING:
Consensus - an agreement reached between all network participants on the content and order of the blockchain blocks.
Easy
1 minute

Let's find out Consensus meaning, definition in crypto, what is Consensus, and all other detailed facts.

Consensus is the outcome of an agreement between all participants in a blockchain network on where a block should be located on the chain and what its contents should be.

Typically centrally organized systems have a single authority figure that makes the important decisions. These can be centralized accounting ledgers used by businesses to record economic transactions. The accounting department is normally responsible for managing the ledger, making it the central authority figure for transaction records.

Since decentralized systems contain numerous independent actors distributed around the network, all of them have the same weight in authority decision-making. Thus, all decisions are made collectively, by reaching a consensus.

Blockchain consists of transactions that are updated by miners. Rather than declaring a single central authority, blockchains rely on miners to oversee the transaction entries in the blocks and ensure the information is accurate. To ensure the network is operating optimally, the network members must reach a consensus.

The process of reaching a consensus can be complicated. There is no way to know how many nodes may be malfunctioning or acting maliciously. Thus, the network of nodes may encounter a practical example of the Byzantine Generals’ Problem.

Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms are two of the most common consensus mechanisms used in blockchain, including the two biggest blockchain-based cryptocurrencies in the world, Bitcoin (BTC) and Ethereum (ETH).

Consensus mechanisms ensure that the blockchain is maintained properly and the transaction data is recorded correctly. All information management is achieved without declaring a central figure to oversee the blockchain building process.