A complete list of all consensus algorithms.
Consensus algorithms are the basis of all the blockchains/DAGs. They are the most important part of the blockchain/DAG platforms.
Without them(consensus algorithms) we will be left with just a dumb, immutable database.
Here we list all the major consensus algorithms and will evaluate their pros and cons. If you find anything missing or wrong here then shoot that in the comments. Also, the article will be updated regularly as I study more about these algorithms and their economic impacts.
P.S. This article assumes that you have an understanding about what is a consensus algorithm and it’s significance in blockchains.
Here is a list of 29 consensus algorithms.
1. Proof of Work
- It has been tested in the wild since 2009 and stands steady today as well.
- It’s slow.
- Uses up a lot of energy, not good for environment.
- Is susceptible to
4. Delegated Proof-of-Stake
- Energy efficient.
Explanation: It is based on federated Byzantine agreement (mentioned above).
The Stellar Consensus Protocol (SCP) provides a way to reach consensus without relying on a closed system to accurately record financial transactions. SCP has a set of provable safety properties that optimize for safety over liveness — in the event of partition or misbehaving nodes, it halts progress of the network until consensus can be reached. SCP simultaneously enjoys four key properties: decentralized control, low latency, flexible trust, and asymptotic security.
Further Reading: ,
24 b) Hashgraph
Explanation: Hashgraph is a gossip-protocol consensus developed by Leemon Baird. Nodes share their known transactions with other nodes at random so eventually all the transactions are gossiped around to all of the nodes. Hashgraph is a great option for private networks, but you’re not going to see it implemented in a public network like Ethereum or dispatch any time soon.