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dido:public:ra:xapend:xapend.k_consensus:start

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Appendix K: DIDO Consensus

Why is it important

Consensus Algorithm are essential in establishing confidence in a DIDO.

Thus there are various types of consensus algorithms in blockchain prospect, some of them are explained below1)

Table 1:
Consensus Alorithym Description Platform Examples Pros Cons Type
Proof of Work (PoW)

Bitcoin, Litecoin, ZCash, Primecoin, Monero, Vertcoin

Less opportunity for 51% attack Better Security

Greater energy consumption Centralization of Miners

Competitive ConsensusWebpage: SAINI

Proof of Stake (PoS)

Ethereum, Dash, Peercoin, Decred, Reddcoin, PivX

Competitive Consensus Webpage: SAINI

Delegated Proof of Stake (DPoS)
  • A bit centralized.Webpage: SAINI
  • Participants with high stakes can vote themselves in to become a validator. Something which is seen recently in EOS.Webpage: SAINI

Collaborative consensusWebpage: SAINI

Leased Proof of Stake (LPoS)

Waves

Proof of Elapsed Time (PoET)

Hyperledger Sawtooth, Resource-Efficient Mining (REM)

Practical Byzantine Fault Tolerance (PBFT)

Stellar, Ripple, Hyperledger FabricWebpage: BHARDWAJ

Simplified Byzantine Fault Tolerance (SBFT)

Chain

Delegated Byzantine Fault Tolerance (DBFT)
Directed Acyclic Graphs (DAG)

Iota, Hedera Hashgraph Webpage: BHARDWAJ

Proof of Activity (PoA)

Collaborative consensusWebpage: SAINI

Proof of Indentity (PoI)
Proof of Importance (PoI)

NEM

Proof of Capacity (PoC)

Proof of Space (PoS)

Burstcoin and SpaceMint Webpage: BHARDWAJ

  • Similar to PoW but uses space instead of computation. Thus much environmental friendly.
  • Can be used for malware detection, by determining whether the L1 cache of a processor is empty (e.g., has enough space to evaluate the PoSpace routine without cache misses) or contains a routine that resisted being evicted.
  • Can be used for anti-spam measures and denial of service attack prevention.
  • PoC can use any regular hard drives including those with Android-based systems.
  • It is reportedly up to 30-times more energy efficient than the ASIC-based mining of the bitcoin cryptocurrency.
  • There is no need for dedicated hardware or constant upgrading of hard drives.
  • Mining data can be easily wiped-off and the drive can be reused for any other data storage purpose.

https://www.investopedia.com/terms/p/proof-capacity-cryptocurrency.asp

  • Not many developers have adopted the system.
  • It is possible for malware to affect mining activities.
  • Widespread adoption of PoC could start an “arms race” to produce higher capacity hard drives.

https://www.investopedia.com/terms/p/proof-capacity-cryptocurrency.asp

Collaborative consensusWebpage: SAINI

Proof of Burn (PoB)

Slim Coin Webpage: BHARDWAJ

Proof of Weight (PoW)

Algorand, Filecoin, Chia

Competitive consensus Webpage: SAINI

1)
Coinjoker, Consensus Algorithms in Blockchain, Accessed: 9 July 2021, https://www.cryptoexchangescript.com/blockchain-consensus-algorithms
dido/public/ra/xapend/xapend.k_consensus/start.1626639601.txt.gz · Last modified: 2021/07/18 16:20 by nick
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