Greetings to All
I hope you are all enjoying the beautiful days of your life. I am here to participate in the The tech quiz S4B season 31. Let's discuss todays topic Consensus Mechanisms in Blockchain.
A consensus mechanism is a process that is used by the blockchain Technology. It is actually process that is used to achieve agreement with all participants or nodes in the network.
It make sure that everyone in the network agree on the data and transactions that are recorded on the blockchain. This is really important because it keeps the blockchains secure and trustworthy without the need of Central authority to overcheck the process.
There are many types of consensus mechanism and is type have its on advantages and disadvantages.Here are some popular one.
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Proof of work is one of the oldest and famous one consensus mechanism in the PoW miners complete the solution of difficult mathematical problems to validate the transactions and add them to the blockchain.
The minor that is able to solve the problem first gets add the new block and any return rewarded with the cryptocurrency
it is a secure mechanism and it is very difficult to attack on it and change the blockchain because the attacker will need lot of computing power.
it uses a lot of energy and electricity for solving problems so for more transactions it takes longer time.
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Proof of stake is another consensus mechanism that select the validators that are based on the number of tokens they are holding and staking.
Validators are chosen to add new blocks and confirm transactions.
it uses comparatively less energy and electricity so that transactions can be processed more quickly.
People that have more taken have more power so they are leaders.
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Delegated proof of stake is similar to proof of stack but it involves these take holders voting for small number of delegate who validate transaction and add the blocks.
- As in this process few delegates are involved so this process is quick.
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It is designed to work even if there are some notes that fail in the network or act maliciously. It requires majority of the nodes to agree on the state of network.
it can handle failures and attacks without compromising the network and also the transactions are confirmed faster.
On the other hand It is not very scaleable because performance can decrease as network grows and it becomes complex.
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Group of authority mostally relies on the small number of approved nodes to validate the transactions and create new blocks. These nodes are chosen on the ways of trust.
- It is very efficient in the way that high transaction can be procedure.
- It is relies on few authorities which can be point to failures that is its major disadvantage.
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Proof of brain is a concept that is within they blocks and cryptocurrency community. Our Steemit is operated on the proof of brain.Steemit utilising a mechanism proverb brain to distributes native cryptocurrency Steem.
This mechanism reward users for creating and creating the content.Rewards are based on the merit and on the contribution of the users that actually participate in activities and share their content regularly.
Bitcoin uses the consensus mechanism of proof of work and there are many reasons behind the question that why Bitcoin use proof of work.
proof of work makes it very difficult for anyone to alter the blockchain because they need a huge computing resources
PoW allows many minors from the word to participate and in this way a single entity does not control the whole.
It effectively protected the Bitcoin from attacks and fraud.
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Minors use the powerful computers to solve difficult cryptographic puzzle and this involve finding number called as nonce. And when this is combined with blocks data it is passed through a hash function that will meet certain criteria.
The minor that firstly solve the puzzle at the new block and receive newly created bitcoins and any transaction fees from the transaction included in the block.
When the block is added other nodes in the network verify it and update their copies of blockchain. To keep the creation time around 10 minutes the difficulty of the puzzle are just every 2 weeks based on how much mining power is in the network.
| There are also many challenges such as this process consumption a lot of energy |
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So that was all from my side about the topic and I hope that you all will like to read the post and support the content
I would like to invite
to participate in the contest
Regards @mateenfatima |
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