Analysis on Blockchain Consensus Mechanism Based on Proof of Work and Proof of Stake

09/23/2022
by   Shi Yan, et al.
0

In the white book of Bitcion, Satoshi Nakamoto described a bitcoin system that can realize point-to-point online payment without a third-party organization. After supporting this magical application scenario and subverting the traditional centralized system, the blockchain technology has attracted worldwide attention, triggered a research upsurge of blockchain consensus algorithm, and produced a large number of innovative applications. Although various consensus algorithms continue to evolve with the iteration of blockchain products and applications, Proof of Work (POW) and Proof of Skake (POS) algorithms are still the core of consensus algorithms. This paper discusses two algorithms of POW and POS in blockchain consensus mechanism, and analyzes the advantages and the existing problems of the two consensus mechanisms. Since consensus mechanism is the main focus of blockchain technology and has many influencing factors, this paper discusses the current problems and some improved ideas, and selects some typical algorithms for a more systematic introduction. In addition, some important issues related to safety and performance are also discussed. This paper provides the researchers a great reference on blockchain consensus mechanism.

READ FULL TEXT
research
12/06/2019

Delegated Proof of Reputation: a novel Blockchain consensus

Consensus mechanism is the heart of any blockchain network. Many project...
research
12/31/2021

Confronting the Carbon-footprint Challenge of Blockchain

The distributed consensus mechanism is the backbone of the rapidly devel...
research
02/24/2021

A Survey on Consortium Blockchain Consensus Mechanisms

Blockchain is a distributed ledger that is decentralized, immutable, and...
research
09/18/2023

Proof-of-Prospect-Theory: A Novel Game-based Consensus Mechanism for Blockchain

Blockchain technology is a breakthrough in changing the ways of business...
research
09/24/2019

ABC: Asynchronous Blockchain without Consensus

There is a preconception that a blockchain needs consensus. But consensu...
research
08/31/2023

Proof of Deep Learning: Approaches, Challenges, and Future Directions

The rise of computational power has led to unprecedented performance gai...
research
06/16/2019

MaGPoS -- A novel decentralized consensus mechanism combining magnetism and proof of stake

We describe MaGPoS, a novel consensus mechanism which is well suited to ...

Please sign up or login with your details

Forgot password? Click here to reset