Blockchain Algorithms



Blockchain algorithms differ from one blockchain to another blockchain .Let us look at the different Consensus algorithms that are dervied so far.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
7.Simplified 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

 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-work- allows,solving of computationally intensive puzzles to validate transactions and create new blocks.

 Cryptocurrency that uses PoW : Bitcoin uses PoW consensus algorithms.  Ethereum too used PoW for nearly 4-blockchain projects and then moved on to PoS.

 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 difficulties by PoW and aims for distributed consensus.

 Proof Of Elapsed Time (PoET)

 Proof of elapsed time (POET) is a blockchain consensus algorithm that uses a particular tactic to prevent high resource utilization and huge energy consumption. This keeps the permissioned blockchain network by following a fair lottery system.

 Proof-Of-Activity ( PoA )

 Proof of activity is an approach that mixes the two commonly used algorithms proof of work (POW) and proof of stake (POS).Proof-of-Activity. It combines the best two features of both algorithms,  more secured against any attack and not a not power-hungry system.

 Proof-Of-Importance ( PoI )

 Proof-of-importance is a blockchain consensus algorithm that proves the utility of nodes in a network which allows them to create a block by a process called New Economy Movement (NEM).

To know in detail, switch over to the article : 

Blockchain Consensus Algorithms & Mechanisms : Explained

Bitdeal, Leading Blockchain Development Company can help you in building a blockchain with best Consensus Algorithm that best suits for your Private blockchain network .

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