What is Consensus?
The short answer
The process by which a decentralised network agrees on which transactions are valid, without a central authority.
Since no single company decides what’s “true” on a blockchain, the network needs a mechanism for independent participants to agree — commonly proof of work or proof of stake. That agreement is what makes the shared ledger trustworthy.
Related terms
Full glossaryHODL
Crypto slang for holding an asset long-term rather than trading it, originating from a famous misspelling of "hold."
Gwei
A tiny unit of ETH used to price gas fees — one gwei is one billionth of one…
Hot Wallet
A wallet connected to the internet, like a phone app — convenient, but more exposed than a cold…
Peg
The target value a stablecoin is designed to maintain, typically $1 for dollar-pegged coins.
Public Key / Wallet Address
The "account number" you can safely share so people can send you crypto.
Cold Wallet
A wallet whose keys are stored completely offline, disconnected from the internet — the most secure storage option.
Still unclear? That is worth knowing — tell us and we will rewrite this entry.