Consensus Mechanism
In simple terms, consensus is a flexible way to reach an agreement in a group. While voting complies with the rule of law without considering the feelings and welfare of the minority, consensus on the other hand ensures that an agreement is reached that can benefit the whole party as a whole.
From a rational point of view, the Consensus could be used by a group of people scattered around the world to build a more equitable and impartial society.
The process of reaching consensus decisions is called the “consensus process”.
Blockchain compatibility
We know that Blockchain is a widely distributed network that provides consistency, privacy, security, and transparency. There is no central authority available to verify transactions, however everything done on Blockchain is considered completely secure and secure. This is only possible due to the existence of an agreement that is an integral part of any Blockchain network. Compatibility algorithm is a process by which all Blockchain network peers reach the same agreement regarding the current state of a distributed book. In this way, compatibility algorithms achieve credibility in the Blockchain network and establish trust between unknown peers in a distributed computer environment. In fact, the compatibility protocol ensures that every new blog added to Blockchain is the only true version that is agreed upon by all nodes in Blockchain. The Blockchain consensus protocol contains specific objectives such as coming to an agreement, collaboration, cooperation, equal rights across all nodes, and the mandatory participation of each node in the agreement process. Therefore, the compromise algorithm aims to find the same agreement that is winning across the network. Now, we will discuss various algorithms for compliance and how they work.
1. Proof of Work (PoW):
This consensus algorithm is used to select the miner of the next generation of block. Bitcoin uses this PoW compatibility algorithm. The main idea of this algorithm is to solve a complex mathematical puzzle and provide an easy solution. This mathematical dilemma requires a lot of power to combine and thus, the area that solves the puzzle as quickly as possible finds the next block mine. For more information on PoW, please read the Proof of Service (PoW) Consensus
2. Practical Byzantine Fault Tolerance (PBFT):
Please refer to the current topic of Byzantine Fault Tolerance (pBFT).
3. Stake Proof (PoS):
This is another very common form of PoW. Ethereum has changed from PoW to PoS compliant. In this type of conformity algorithm, instead of investing in expensive hardware to solve a complex puzzle, guarantors invest in system coins by locking some of their money as poles. After that, all verifiers will start verifying blocks. Authenticators will verify the blocks by placing a bet on it if they find a block that they think can be added to the chain. Based on real blocks added to Blockchain, all guarantors receive a reward equal to their bet and their value goes up accordingly. Finally, a validator is selected to generate a new block based on their economic stake in the network. Therefore, the PoS encourages the trustees to use a method to encourage reaching agreement.
4. Proof of Burnout (PoB):
With PoB, instead of investing in expensive hardware, the guarantors ‘burn’ the coins by sending them to an address where they can not be recovered. By placing coins in an inaccessible address, the guarantors acquire the right to mine in the system based on the random selection process. So, burning coins here means that the guarantors have a long-term liability in exchange for their short-term losses. Depending on how PoB is used, miners may burn traditional Blockchain system money or other currencies, such as bitcoin. The more coins they burn, the better their chances of being selected to mine the next block. While PoB is an exciting form of PoW, the rule of law still wastes resources unnecessarily. It is also argued that mining power simply goes to those who are willing to burn more money.
5. Proof of Competence:
In Proof of Competency Skills, guarantors should invest in their hard drive space instead of investing in expensive hardware or flammable coins. The more hard drive space guarantees have value, the better their chances of being selected to mine the next block and earn a block reward
.6. Proof of the Past:
PoET is one of the compatible algorithms that selects the next block using only the appropriate methods. It is widely used in approved Blockchain networks. In this algorithm, everyone verifying the network gets a fair chanc e to create their own blog. All nodes do that by waiting for a random time, adding proof of their wait to the block. Created blocks are distributed over the network for others to consider. The winner is the guarantor with the least amount of time in the proof section. The block from the winning verification location is connected to Blockchain. There is further testing in the algorithm for setting up nodes to win elections regularly, stopping nodes from generating a minimum amount of time.
Read also :Different Tiers of blockchain technology and their application
