Abstract
As Blockchain innovation picks up popularity in many areas, it is frequently hailed as a sound innovation. Because of the decentralization and encryption, many imagine that data put away in a Blockchain is and will consistently be protected. Among various abstraction layers of Blockchain architecture, the consensus layer is the core component behind the performance and security measures of the Blockchain network. Consensus mechanisms are a critical component of a Blockchain system's long-term stability. Consensus forms the core of blockchain technology. Therefore, a range of consensus protocols has been introduced to maximize Blockchain systems' efficiency and meet application domains' individual needs. This research paper describes the layered architecture of Blockchain. A comprehensive review of mainstream consensus protocols mainly Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Activity (PoA) is presented in the paper. These mainstream consensus protocols have been explained and detailed performance analysis of these consensus protocols has been done. We have proposed a performance matrix of these consensus protocols based on different parameters like Degree of decentralization, Latency, Fault Tolerance Rate, Scalability, etc. Consensus protocols being the core of a strong fault-tolerant secured blockchain system, the proposed work intends to help inappropriate protocol selection and further research on strengthening trust and ownership in the technology. Depending upon different parameters like decentralization which is low in POA compared to other protocols, whereas POW is non-scalable, so depending on the priority of a particular performance parameter, the paper will help in the selection of a specific protocol.
Highlights
Nowadays, Blockchain is considered one of the most quicklygrowing technologies, and it has been becoming increasingly popular due to its unique features
We present four mainstream consensus protocols namely Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and Proof of Activity (PoA)
Security: PoW is more susceptible to 51 % attack, whereas PoS and DPoS have reduced the vulnerability of 51% attack to some limit and PoA has eliminated its probability of occurrence
Summary
Blockchain is considered one of the most quicklygrowing technologies, and it has been becoming increasingly popular due to its unique features. Scope to improve the performance of the blockchain system depends entirely on the underlying consensus mechanism In this context, we present four mainstream consensus protocols namely PoW, PoS, DPoS, and PoA. The role of the consensus layer is to get mutual agreement on data stored in a block from all participating nodes in the Blockchain system. One of the Blockchain application’s common requirements is the execution process’s speed, as different contracts and transactions are stored in one block, and all should be confirmed by the node [39]. Another prerequisite is to obtain probabilistic execution, consistent at all nodes, ideally. Consistency and integrity of transactions are maintained in a trustless environment by replicating records across several network nodes and obtaining consent from participating nodes [36]
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
