What is Blockchain Protocol

A “protocol” is a set of rules and systems which govern the operation of a blockchain. A protocol is essentially a framework in which nodes on a network communicate and add new blocks to a distributed ledger. There are three main foundational blockchain protocols (or consensus mechanisms): Proof of Work (Pow), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS). It’s possible to introduce new protocols onto existing blockchains. The term “protocol” may refer to the underlying parameters that determine how nodes communicate. Alternatively, it may describe the specific mechanisms that work on top of existing blockchains, such as smart contracts on the Ethereum network. Competing blockchains have different protocols, each with their benefits and drawbacks.

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