The Study of Consensus Algorithms in Blockchain

Abstract

Blockchain is the technology that underpins the digital cryptocurrency Bitcoin. The blockchain is a digital distributed database that records and distributes all transactions or digital events that occur. Each transaction is validated by the majority of system participants. It contains every single transaction record. To protect its network from malicious assaults, blockchain employs a hashing algorithm and consensus processes. There are various consensus processes available, the most frequent of which being proof of work. Proof of stake is the second main consensus approach. The two most popular cryptocurrencies, Bitcoin and Etherum, use proof-of-work consensus. Even though Ethereum employs proof-of-work consensus, Ethereum 2.0 will be based on proof-of-stake consensus. Many more consensus methods are available, such as delegated proof of stake, proof of activity, proof of elapsed time, and so on. This chapter will go through a few of the approaches.