Types of Consensus Algorithms www.bitdeal.net
Introduction In the ďŹ eld of computer science , to solve the consensus problems there are several proposed protocols which are termed as consensus algorithms . Consensus Algorithms are mechanisms used to achieve agreement on a single data value over distributed systems. To know more about consensus algorithms ,read this blog : Blockchain Consensus Algorithms Now , let us have look at the diďŹ€erent types of consensus algorithms derived so for in blockchain and cryptocurrency world .
Types of Consensus Algorithms The following are the various consensus algorithms in blockchain technology : 1.Proof-of-Work 2.Proof-of-Stake 3.Delegated Proof-of-Stake 4.Leased Proof-Of-Stake 5.Proof of Elapsed Time 6.Practical Byzantine Fault Tolerance
Types of Consensus Algorithms 7.SimpliďŹ ed Byzantine Fault Tolerance 8.Delegated Byzantine Fault Tolerance 9.Directed Acyclic Graphs 10.Proof-of-Activity 11.Proof-of-Importance 12.Proof-of-Capacity 13.Proof-of-Burn 14.Proof-of-Weight
Consensus Algorithms Proof-Of-Work ( PoW ) A Proof-of-Work is a measure of DoS attack and other service abuses which includes spam on a network by requiring some work from the service requester. It most involves a lot of computational power .Proof-of-workallows,solving of computationally intensive puzzles to validate transactions and create new blocks. Proof-Of-Stake ( PoS) Proof of Stake chooses the miners of the next block or individual who validate next transaction by their coin possession. This consensus algorithm introduced for dealing with the diďŹƒculties by PoW and aims for distributed consensus.
Consensus Algorithms Delegated Proof-Of-Stake ( DPoS ) Delegated Proof of Stake is a variation of the proof of stake. Here, the miners or Validators, are known as delegates. Determination of block production, makes this system transaction within just a second. DPos system was designed to ensure all level of protection against regulatory issues. To know about other types in detail with informative infographics , just read the article : Blockchain Consensus Algorithms & Mechanisms : Explained