A Pattern for Proof of Stake Consensus Algorithm in Blockchain

Abstract

Blockchain is a distributed ledger technology that has recently gained widespread popularity. Many industries have started to implement blockchain solutions for their application and services. Blockchain provides immutability, privacy, security, and transparency. There is no central authority to validate and verify the transactions, still, every transaction in the Blockchain is considered secure and verified. This is made possible by the use of a consensus algorithm which is a core part of any Blockchain network. Different consensus algorithms exist and the selection of appropriate consensus algorithms can affect the performance of the blockchain. This paper presents a pattern for one of the most commonly used blockchain consensus algorithms, which is the Proof of Stake (PoS) algorithm. This pattern describes its architecture, including its structure and dynamics.