Blockchain: A Comparative Study of Consensus Algorithms PoW, PoS, PoA, PoV

Abstract

Since the inception of Blockchain, the computer database has been evolving into innovative technologies. Recent technologies emerge, the use of Blockchain is also flourishing. All the technologies from Blockchain use a mutual algorithm to operate. The consensus algorithm is the process that assures mutual agreements and stores information in the decentralized database of the network. Blockchain's biggest drawback is the exposure to scalability. However, using the correct consensus for the relevant work can ensure efficiency in data storage, transaction finality, and data integrity. In this paper, a comparison study has been made among the following consensus algorithms: Proof of Work (PoW), Proof of Stake (PoS), Proof of Authority (PoA), and Proof of Vote (PoV). This study aims to provide readers with elementary knowledge about blockchain, more specifically its consensus protocols. It covers their origins, how they operate, and their strengths and weaknesses. We have made a significant study of these consensus protocols and uncovered some of their advantages and disadvantages in relation to characteristics details such as security, energy efficiency, scalability, and IoT (Internet of Things) compatibility. This information will assist future researchers to understand the characteristics of our selected consensus algorithms.