Abstract
A consensus algorithm is the most important part of any blockchain system. There are available various consensus algorithms that developers can utilize in their solutions, and such a decision making cannot be fully formalized due uncertainty in requirements and application environment. We propose a method that allows selecting of an optimal Proof of Work (PoW) consensus algorithm for newly developed blockchain system based on Analytic Hierarchy Process. Application of this method to various PoW algorithms with involvement of independent experts allowed to select dPoW as the best solution for the given conditions.
Highlights
After the breakthrough paper proposed by Satoshi Nakamoto, blockchain systems have received wide distribution
They perform the overview of algorithms and their analysis focuses on the algorithmic steps taken by each consensus algorithm, the scalability of the algorithm, the method the algorithm rewards validators for their time spent verifying blocks, and the security risks present within the algorithm
To use the Analytic Hierarchy Process (AHP), the party represents their problem in the hierarchy, where the top reflects to the goal, the interim levels reflects to the technical-economic parameters, and the bottom level reflects to the set of alternatives
Summary
After the breakthrough paper proposed by Satoshi Nakamoto, blockchain systems have received wide distribution. Zagar perform a comparative analysis of typical consensus algorithms and some of their contemporaries that are currently in use in modern blockchains [13] They perform the overview of algorithms and their analysis focuses on the algorithmic steps taken by each consensus algorithm, the scalability of the algorithm, the method the algorithm rewards validators for their time spent verifying blocks, and the security risks present within the algorithm. This articles provides an overview of advantages and disadvantages of consensus algorithms and one can choose the optimal solution for their system to be developed using the proposed method to make a decision on the most suitable algorithm for given system requirements. The proposed method can be used to choose among the variety of consensus algorithms the best one, based on the priority of algorithm’s properties
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