Consensus Algorithm-a complete List/comparation (Pros&Cos) of all Consensus Algorithms 16 to 20 (total of 30)
16. Proof of Time
Used by: Chronologic
Explanation: Proof of time is introduced by Chronologic. They are planning to build a separate blockchain. As stated by their Lead developer:
The problem here is that the largest number that can be stored in a variable in solidity is of the order of magnitude 1076. This is making it difficult for us to work with time and the generation of tokens.
17. Proof of Existence
Used by: Poex.io, HeroNode, DragonChain
Explanation: Proof of Existence is an online service that verifies the existence of computer files as of a specific time via timestamped transactions in the Bitcoin blockchain.
It was launched in 2013 as an open source project. It was developed by Manuel Araoz and Esteban Ordano.
Digital Sign Agreement without revealing actual content.
Demonstrating data ownership without revealing actual data.
Document time stamping.
Checking for document integrity
Used by: Cardano
Explanation: A variation of Proof-of-stake(with rigorous security guarantees) used by Cardano.
19. Proof of Retrievability
Used by: Microsoft
Explanation: A proof of Retrievability (POR) is a compact proof by a file system (prover) to a client (verifier) that a target file F is intact, in the sense that the client can fully recover it. As PORs incur lower communication complexity than transmission of F itself, they are an attractive building block for high-assurance remote storage systems. It can be really useful as a consensus algorithm for Cloud computing systems.
Detailed description can be found in Further Reading.
20. Byzantine Fault Tolerance
Usually used for private, permissioned networks.
Used by: Hyperledger Fabric, Stellar, Ripple...
Explanation: There’s this classic problem is distributed computing that’s usually explained with Byzantine generals. The problem is that several Byzantine generals and their respective portions of the Byzantine army and have surrounded a city. They must decide in unison whether or not to attack. If some generals attack without the others, their siege will end in tragedy. The generals are usually separated by distance and have to pass messages to communicate. Several cryptocurrency protocols use some version of BFT to come to consensus, each with their own pros and cons:
Practical Byzantine Fault Tolerance (PBFT): One of the first solutions to this problem was coined Pratical Byzantine Fault Tolerance.Currently in use by Hyperledger Fabric, with few (< 20, after that things get a little ) pre-selected generals PBFT runs incredibly efficiently. Pros: High transaction throughput Cons: Centralized/permissioned
Federated Byzantine Agreement (FBA): FBA is another class of solutions to the Byzantine generals problem used by currencies like Stellar and Ripple. The general idea, is that every Byzantine general, responsible for their own chain, sorts messages as they come in to establish truth. In Ripple the generals (validators) are pre-selected by the Ripple foundation. In Stellar, anyone can be a validator so you choose which validators to trust.
For its incredible throughput, low transaction cost, and network scalability, I believe the FBA class of consensus algorithms are the best we’ve discovered for distributed consensus.
This topic was modified 3 months ago 2 times by alberdioni8406