Consensus algorithms blockchain: a comparative study
A blockchain is a Distributed Ledger Technology that has been defined as a “distributed, shared, encrypted database that serves as an irreversible and incorruptible repository of information. Blockchain can be defined as a peer-to-peer distributed ledger that is cryptographically sec...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
IIUM Press, International Islamic University Malaysia
2019
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/78729/ http://irep.iium.edu.my/78729/ http://irep.iium.edu.my/78729/1/103-Article%20Text-IJPCC.pdf |
| Summary: | A blockchain is a Distributed Ledger Technology that has been defined as a “distributed, shared,
encrypted database that serves as an irreversible and incorruptible repository of information. Blockchain
can be defined as a peer-to-peer distributed ledger that is cryptographically secure, append-only,
immutable and updatable only via consensus or agreement among peers. In blockchain platforms, each
transaction in the public ledger is verified by consensus of the majority of the system participants in a
transparent and secure way. The consensus algorithm refers to the process of attaining an unified
agreement on the state of the network in a decentralized way and to facilitate the verification and
validation of information being added to the blockchain. This paper aims at providing a comparison
between most of the recent consensus algorithms regarding the scalability of the algorithm; the type of
blockchain, node identity, the performance of the algorithm (in terms of throughput & latency) and
Adversial Tolerance and to deliver a solid basis for discussions about current statistics. In this research, we
also presented a new category of the Blockchain consensus algorithms, which consist of three groups as
follows; the proof based on Hardware, the proof based on stake, and the proof based on voting. |
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