Current Status and Trends of Blockchain Consensus Mechanisms

Abstract

Since the introduction of Bitcoin in 2008, the blockchain technology as its underlying architecture, has attracted attention from various sides due to its decentralized and distributed computing characteristics. AS the core advantage of blockchain technology, the consensus mechanism determines various characteristics of blockchain, such as security, scalability, and decentralization. Currently, there are many consensus mechanisms suitable for different scenarios. This paper studies the existing consensus mechanisms from the perspectives of algorithm principles, performance, etc. Firstly, this article divides the existing consensus mechanisms into Proof of Work (PoW), Proof of Stake (PoS), and Byzantine Fault Tolerance (BFT). Secondly, for each type of consensus mechanisms, the study analyzes their algorithmic principles, understands typical solutions and latest ones, clarifies the advantages, disadvantages, and the possible attack methods of various consensus mechanisms. Finally, the paper defines the basic requirements for new consensus mechanisms. It aims to help break through the application bottlenecks of blockchain technology and promote the development of blockchain technology in various scenarios.