Consensus Algorithm - A Heritage to the Blockchain Ecosystem

Consensus Algorithm - A Heritage to the Blockchain Ecosystem

Updated On Jan 17, 2021

In recent times, the world is revolutionizing with the technology advancements. Undoubtedly, the blockchain technology is surfacing in the midst with its anew releases. Its amazing that how much we are craze to grasp its emerging releases, it offers constant technology advancements to us. Amazing or not? Digs you to know its primary root? Well, its obviously the consensus algorithm.

Consensus Algorithm - The Root of Blockchain Technology

The thing which makes all the consensus sequences of a blockchain differ from one another is possible with this consensus algorithms. To point out, blockchain network facilitates millions and millions of people in the same space. But it makes us wonder, how they ever and never interfere with one another. To spot our, this exist only because of the consensus algorithm.

Why Consensus Algorithm?

As a known fact, a blockchain network is of distributed architecture. Usually, the nodes of a blockchain network are autonomous (I.e, independent to each other) and to maintain data consistency, it is more vital to collaborate the nodes with each other. Henceforth, the consensus enables nodes coordination and attain database consistency in the blockchain network..

As a matter of fact, a consensus algorithm furnishes system’s security and reliability. To secure a blockchain system, a consensus algorithm should be spirited to these following attacks.

1. 51% attack

2. Denial of Service (DoS) attack

3. Byzantine faults

4. Sybil attack

To protect, detect and resolve the faults and attacks happen in the blockchain network, consensus algorithm is obligatory.

Categories of Consensus Algorithm

The consensus algorithm comes with 14 categories to facilitate the humans. They are the following:

(i) Proof of Work (PoW)

In proof of work, the miners or the supercomputers have to figure out complex problems or puzzles when a transaction is initiated by the user to verify it.

(ii) Proof of Stake (PoS)

In the Proof of Stake concept, the user has to spend his/her coins to mine or validate new block.

(iii) Delegated Proof of Stake (DPoS)

DPoS is identical to PoS, but the user need to expend more coins to vote or elect witnesses.

(iv) Leased Proof of Stake (LPoS)

The user can build customized tokens and attain benefit from it through the coin lease to the network.

(v) Proof of Activity (PoA)

This algorithm utilizes both PoW and PoS, to integrate the best of two features for fine validation solution.  

(vi) Proof of Importance (PoI)

When an user often sends and receive transactions, they will be rewarded with some fee for it.

(vii) Proof of Capacity (PoC)

With this protocol, it is simple to utilize the hard drive of the users’ capacity

(viii) Proof of Burn (PoB)

Users sends the coin back into the Eater Address, the wallet that they can’t recover coin from, and get reward based on the amount.

(ix) Proof of Weight (PoWeight)

Similar to the PoS, but the contrast is that PoWeight depends on certain constituent called weights.

(x) Proof of Elapsed Time (PoET)

It is identical as PoW, rather than that it focuses more on the consumption.

(xi) Practical Byzantine Fault Tolerance (PBFT)

It focuses on the state machine. The byzantine utilizes certain sequence to have the rouge users at bay.

(xii) Simplified Byzantine Fault Tolerance (SBFT)

Here, the validator can aggregate the proposed transactions and build a new block.

(xiii) Delegated Byzantine Fault Tolerance (DBFT)

Among the professional node controllers, it mainly focuses on the gamified way to verify a block.

(xiv) Directed Acyclic Graphs (DAG)

DAG’s can handle the transactions asynchronously without having a blockchain data structure.

Consensus as a Boon Algorithm

To mention, consensus algorithms are chief supposition of blockchain distributed systems. As a result, a consensus algorithm is essential to enable consistency, reliability and security in a blockchain system. To make the businesses wonder, many of the entrepreneurs are seeking for the best blockchain development company. For them, Osiz Technologies is the right choice, a leading blockchain development company which is familiar with all sorts of above mentioned consensus algorithm to deliver best blockchain development services to their clients. Make quantity in your business with quality services.

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