Best Consensus Protocol on your own Opinion?

[cryptoaddictchie]

Ive been digging some stuff on which gain most advantage consensus protocol for blockchain.

We all know that the first generation blockchain utilize the used of Proof-Of-Work (PoW) this is common but to maintain this is needing a huge source of power and high quality equipment to complete transaction but still imitate by a lot of new conceptualize coin being introduced.

 Next to this, is the PoS (Proof-Of-Stake) which  given you an opportunity to acquire coins based on the asset you hold which literally called stake. This is more cost effective if you will compared with PoW.

(Image from BlockGeeks)

But since then, a lot of consensus are now entering the scene and that may have a real shot solution to blockchain flaws.

There's a lot to study about different consensus protocol utilize by different blockchain but this article by Blockgeeks.com is of great help explaining some of them.

https://blockgeeks.com/guides/blockchain-consensus/

Personally, when I read this article, I urged to look on some consensus protocol not on the list and these two are also quite interesting.


Proof of Elapsed Time (Poet)

This consensus protocol is made by Intel whereas the blockchain network consensus mechanism algorithm will be prevented utilization of high resource and energy consumption, and complete the process efficiently followed by a fair lottery system.



Proof of Integrity (POI)

This protocol designed to provide self-verifying transactions, by checking the authenticity of the software that works on the persistence of the network. But i don't know what blockchain already running this consensus already. I heard a new project called multiversum will utilized this on their project.

My all time favorite is actually DPOS which is used by EOS and really hope they can pulled it of.

Hope you can also share which protocol you're in favor with and lets discuss here the advantages and disadvantages. Thanks

[snapee11]

I'm not an expert but I think PoW is much more faster than PoS. What if we combine the advantage of this two? Making the PoS faster but still cost effective. instead of racing to be the first one to solve, we will just limit who will get on that track so that other miners will not waste their time on that imagine hundreds of miner will race on only one block this could hurt the miners and this consumes more electricity as hundreds of computer running on only one block. for example the first five efficient miner only will compete on one block and the first one to solve will get the reward. how about that?

[aleksej996]

What is best is subjective. It depends what you are measuring.

In terms of security PoW is significantly more secure than any other consensus protocol out there.

If you want decentralization and security you really don't want to use anything other than PoW.
Bitcoin was created so we can have a decentralized secure payment system and you can only do that with PoW.

Other systems provide some level of security and decentralization, but so do banks.
Bitcoin is just significantly better.

[paulmaritz]

The next generation PII consensus protocol that NeuroChain aims to implement might turn out to be the best consensus protocol. It seems that artificial intelligence and machine learning, including the deployment of a chain of intelligent bots, will be at the heart of it.

[mu_enrico]

I'll quote this, as it also represents my opinion and I'm too lazy to re-type it:

No such thing as "better blockchain consensus protocol" until your so called better blockchain consensus protocol has been through hell and back, namely, attacked by all angles on the technical aspect and attacked by all angles in the social engineering aspect (fork attempts by governments, social media attacks such as the twitter handle taken over by a fork, exchanges against you...) this is what Bitcoin has survived.

So far there is no PoW replacement. PoS has been proven to fail with NXT in the past, it wasn't pretty. We've seen IOTA fail big time as well, so DAG doesn't cut it. Hybrid attempts such as Decred.. no one hasn't even bothered to attack it for real yet.

I don't see realistic reasons for anyone to sell their BTC to get anywhere else.

To date, the only legit blockchain consensus mechanism, as far as I know, is PoW.