blockchain Discover the advantages and drawbacks of the various blockchain consensus mechanisms
23-02-21
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Blockchain technology makes use of consensus processes to verify transactions and keep the distributed ledger's dependability high.
Consensus mechanisms are the means through which nodes in a network concur on the state of a blockchain.
The most popular types of consensus employed in blockchain technology will be discussed, along with its benefits and drawbacks.
1. Proof of Work (PoW)
Proof of Work is the most well-known type of consensus in blockchain technology. The Proof of Work consensus procedure depends on the resolution of a difficult mathematical problem in order to validate transactions and add new blocks to the blockchain. The first miner to resolve this issue generates a new block and receives bitcoins as payment. To find a solution to this issue, miners compete with one another.
The advantage is that Proof of Work is very simple and easy to set up, as well as being resistant to Sybil attacks, where a single node establishes multiple identities to take over the network.
On the downside, it can be slow depending on the number of miners in the network, and it's energy intensive because miners need expensive processing equipment to solve mathematical problems.
Proof-of-work can lead to centralization because miners with higher computer power are more likely to solve problems and add new blocks to the blockchain.
2. Proof of Stake (PoS)
Proof of Stake (PoS), a consensus technology, was developed to take the place of Proof of Work. Validators in Proof of Stake are chosen depending on the quantity of bitcoins they currently possess on the blockchain. Validators are chosen to add new blocks and approve transactions based on their investment in the network.
The advantages are that it's more secure from attacks when a single node or group of nodes controls most of the network's computer power, and it's more energy efficient than Proof of Work because it doesn't require large amounts of computing power. Proof of Stake is also more scalable because it can process more transactions per second than Proof of Work.
The downside is that it's less decentralized because it gives more power to those with more coins in the network. It's also vulnerable to long-range attacks, where a log node builds a new blockchain from scratch.
The long-term viability of Proof of Stake as a consensus technology is yet to be determined.
3. Delegated Proof of Stake (DPoS)
Delegated Proof of Stake is a consensus method built upon Proof of Stake (DPoS). Token owners choose a limited group of delegators in DPoS who add new blocks and approve transactions. These delegators are in charge of making sure that the blockchain network runs smoothly.
The advantage is that it is faster and more scalable than Proof of Work and Proof of Stake because it has fewer delegates and higher transaction throughput. Proof of Work is less energy efficient because it requires extensive computing power.
On the downside, it's less decentralized because it gives greater power to a smaller number of DPoS delegators. Vulnerable to cartel attacks, where multiple delegators band together to take control of the network. Voter apathy caused by token holders not participating in the election process under DPoS can lead to a concentration of power.
