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
