Overview of Blockchain Consensus Mechanism

Abstract

The advent of the Bitcoin system has brought another boom in the Internet era. In a very short time, many Blockchain systems come into being successively, whose decentration, consensus mechanisms, intelligent contract, and other characteristics make them applicable to various fields such as finance, education, medical, technology, etc. The consensus mechanism is the core of Blockchain technology. And a good consensus mechanism plays a very important role in the stable operation of the Blockchain system. The continuous improvement of consensus mechanisms such as PoW (proof-of-work), PoS (proof-of-stake), DPoS (delegated-proof-of-stake), and PBFT (Practical Byzantine Fault Tolerance) has led to the evolution of Blockchain technology to Blockchain 3.0. Starting from the issue of Byzantine generals, this article analyzes common consensus mechanisms based on existing Blockchain applications and then evaluates their consistency. This paper has a unique perspective, selection and comment on the latest progress and important literature in the field of block chain. At last, it also has a high degree of summary and prospect to the existing problems and the future development trend.