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Author Topic: [List] Consensus Algorithms  (Read 383 times)
CryptoLing
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August 11, 2018, 04:39:46 PM
 #21

Nice info, but you missed some other consensus algorithm like LPOS(Waves), RDPOS (ACT), and any others.

Keep updating and keep up the good work !
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August 27, 2018, 08:21:58 AM
Merited by vit05 (1)
 #22

Hi

Great work!

Here is an updated infographic of the different consensus algorithms



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d5000
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August 28, 2018, 07:06:40 PM
 #23

As a suggestion, I would categorize the algorithms. At least in these big groups:

- Proof of Work
- Chain-based Proof of Stake (includes LPoS, Proof of Importance)
- PBFT and BFT-based Proof of Stake (includes DPoS, Ouroboros, Byteball, and PBFT)
- Hybrid models: Proof of Activity and hybrid PoW/PoS
- Proof of Burn (shares some characteristics with chain-based Proof of Stake)
- Proof of Capacity/Space (shares some characteristics with PoW but also suffers from a [lighter] Nothing-at-stake problem)
- Trusted computing algorithms (e.g. PoET)

Known DAGs are mostly using a DPoS-like algorithm, with the exception of IOTA, which uses PoW as anti-spam but a highly doubtful security concept.



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September 03, 2018, 03:49:35 PM
 #24

You forgot proof of burn. The biggest one after pow, pos or proof of stake time.

Also:
Proof of storage/space can be split into two types.

Proof of storage and proof of storage with dual purpose (those are usually just called proof of storage).

At the first, the allocated space is only used to do the mining.
At the second one real files are shared, and those files are the stake.

One of the points proof of storage is a mix of free and not free mining, assuming you mine only when you are using your computer for others, you can mine for free since people will always have some unused HD space at their computer. Those guys will help secure the network for free.
BUT, with the dual purpose proof of storage, you have a problem that the mining require bandtwitch if someone tries to download something from your computer, it also require file duplication or that miners leave their computer online, crippling one of the points I said earlier about proof of storage.
I only posted this explanation to show those 2 types of proof of storage have real difference.
d5000
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September 03, 2018, 07:29:37 PM
 #25

You forgot proof of burn. The biggest one after pow, pos or proof of stake time.
Well, Proof of Burn is currently used only by one small altcoin (and another one that's probably dead) so I don't consider it a "big" algorithm Wink Nevertheless, I'm a strong supporter of PoB, because even if it cannot be used as a standalone algorithm it complements PoS and PoW well.

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At the second one real files are shared, and those files are the stake.
That is one of the "holy grail" algorithms ("algorithms that would satisfy a real-world need"). But until now, I considered it to be impossible to use as a consensus algorithm - or at least a really big challenge. I know there are projects like Sia, but Sia uses PoW for consensus, the "proof-of-storage" rewards are bonuses paid by the storage users (I think they called them "renters").

Can you point me to projects that are using this kind of algorithm for consensus? Serious question. I know that Burstcoin is trying to develop such a thing, but last time I checked it was only a promise or long-term goal.

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