Comparative evaluation of consensus mechanisms in cryptocurrencies

Abstract

Annotation: This Master's thesis provides a comprehensive analysis of various consensus mechanisms essential for distributed ledger technologies like blockchain, sidechain, DAG, and more. A total of 22 consensus mechanisms, including traditional and alternative proof-based algorithms, fault tolerance algorithms, and DAG-based algorithms, were evaluated using eight criteria such as security, decentralization, scalability, and energy efficiency. The study includes an extensive set of testing scenarios for these mechanisms, and recommendations are given based on the analysis of individual mechanisms, emphasizing the importance of choosing mechanisms suited to specific system requirements. The research contributes significantly to the field by providing a detailed understanding of consensus mechanisms, a comparative analysis highlighting their strengths and weaknesses, and valuable test scenarios for future studies.