Three-Dimensional Tradeoffs for Consensus Algorithms: A Review

Abstract

Blockchain has been applied in many fields to solve the problems of trust, security, efficiency benefiting from its tamper-proof and traceability of data. However, it is still necessary to consider the technical constraints that limit the large-scale application of blockchain: scalability, security, and decentralization cannot be achieved altogether. Consensus algorithm is the core of blockchain, which determines the performance of blockchain system to a certain extent. The existing reviews or surveys mainly focus on processes of consensus algorithms, but fall short in covering the current trends and scenarios, thereby lacking intrinsic understanding of their design philosophy. In this paper, we propose a multi-dimensional tradeoff model and unearth various indicators of different dimensions to guide the construction of consensus algorithms. To summarize the existing efforts, we compare and analyze various classical consensus algorithms, and focus on the design principles of these algorithms under the multi-dimensional tradeoff model. According to different requirements, each algorithm has different tradeoffs. Furthermore, we provide different solutions for blockchain in different dimensions. Finally, we summarize the development trend of consensus design and the key technology prospects of blockchain. This is, to the best of our knowledge, the first survey that accomplishes such goals.