A consensus algorithm, like bitcoin's proof of work, does two things: it ensures that the next block in a blockchain is the one and only version of the truth, and it keeps powerful adversaries from derailing the system and successfully forking the chain.
In proof of work, miners compete to add the next block in the chain by racing to solve a extremely difficult cryptographic puzzle.
The most common alternative to proof of work is proof of stake.
In proof of stake, your chance of being picked to create the next block depends on the fraction of coins in the system you own.
Proof of activity is a hybrid approach that combines both proof of work and proof of stake.
In proof of activity, mining kicks off in a traditional proof-of-work fashion, with miners racing to solve a cryptographic puzzle.
Criticisms of proof of activity are the same as for both proof of work and proof of stake.
While proof of burn is an interesting alternative to proof of work, the protocol still wastes resources needlessly.
Variations of proof of capacity include proof of storage and proof of space.
Chipmaker Intel has come up with its own alternative consensus protocol called proof of elapsed time.
A Guide to Blockchain Consensus Protocols
pubblicato su Mar 4, 2017
by Coindesk | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.