Evaluating blockchain security: trade-offs in consensus mechanisms

Abstract

Blockchain technology has revolutionized the structure of the modern-day digital transaction through being decentralized and secure. On the other hand, the efficiency and security of blockchain networks mainly rely on the choice of the consensus mechanisms. This research paper provides an assessment and implications of blockchain security, efficiency, and scalability utilizing different consensus techniques such as Directed Acyclic Graph (DAG), Practical Byzantine Fault Tolerance (PBFT), Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Elapsed Time (PoET), and Proof of Elapsed Time (PoW).