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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)
| 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) |
|
|
| 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 |
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| Proof of Indentity (PoI) | |||||
| Proof of Importance (PoI) | NEM | ||||
| Proof of Capacity (PoC) Proof of Space (PoS) | Burstcoin and SpaceMint Webpage: BHARDWAJ |
https://www.investopedia.com/terms/p/proof-capacity-cryptocurrency.asp |
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 |
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| Competitive consensus Webpage: SAINI |