A Comparison of Different Consensus Protocols

Abstract

After launching bitcoin, blockchain is gaining massive growth in the last decade. Researchers are trying to find blockchain potential in other areas, also such as healthcare, government services, data access, and many more. As we all knew, whenever technology is expanding exponentially, it is crucial to discuss all the critical components of technology. Some key elements of blockchain technology are cryptography, decentralization, P2P network, validity, consensus protocol, and distributed ledger. In this chapter the authors focus on the consensus algorithm. A consensus algorithm is a backbone and primary root of revolutionary technology. A consensus algorithm creates an agreement that decides how a block appends as a new block. The chapter discusses two types of algorithms: proof-based and voting based. At the end of the chapter we present a detailed comparison of the blockchain consensus algorithm.