Topic: Different types of Consensus Algorithms (Read 168 times)

That's really cool! I've read their position paper and it looks like a very interesting project if the traction I hear it's been gaining continues. There have been too many cryptocurrency projects that have crashed because the hype was centered around the launch. Does anyone know how they might propose to keep this alive?

Hey there, Yes Bitcoin Origin is a hard fork
From what I read from their whitepaper and some article, Bitcoin Origin is a penta Cryptocurrency fork of the top 5 Cryptocurrencies- Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. They will create a consensus protocol Proof of Amabassdor is hybrid consensus approach to Proof of Authority and Proof of stake. Bitcoin Origin will improve the overall utiltiy, functionality, scalability and lack of privacy inherent in the PoW Cryptocurrencies, and deliver Serverless Blockchain as a service projects to the corporate sector.

For more information about this penta fork just visit their website: https://www.bitcoinorigin.io/

Hi. Please can you tell me more about this Bitcoin Origin project? It sounds really interesting with the combination of Proof of Authority and Proof of Stake together, making Proof of Ambassador. This is a hardfork off of Bitcoin, if I'm not mistaken, no?

Hey Crypto Miners
There are so many different types of Consensus algorthims such as:

Proof of Work
Proof-of-Work (PoW) was the first successful decentralized blockchain consensus algorithm. PoW is still used by Bitcoin and other cryptocurrencies, like Ethereum (Ethereum plans to move to Proof-of-Stake, more details in next section), Litecoin, ZCash, Monero, and many more.   

Proof of Stake
Proof of Stake requires participants to “stake” a portion of the coins that they hold in the network to verify transactions. Rather than “mining” by completing computationally difficult problems to verify transactions, “minters” stake their coins on transactions by locking up coins. Coins using PoS are Dash, NEO,

Delegated Proof-of-Stake (DPoS)
Delegated Proof-of-Stake (DPoS) is similar in name to Proof-of-Stake, the implementation details are meaningfully different. In DPoS, instead of staking coins to validate transactions, token holders vote for a select group to serve the role of validating transactions. Cryptocurrecnies such Lisk and Oxycoin implemented this system.

Proof of Burn(PoB)
You are providing proof that you have burned some of your coins in the process of sending transactions to an address that unspendable. This method only works with coins mined from Proof of work Cryptocurrencies. Useres will try to burn the most amount of coins to hopefully "win" the block reward. Cryptocurrency such as Counterparty (XCP) use
PoB

Proof of Ambassador(PoA)
The Proof of Ambassador protocol, introduced by the Bitcoin Origin project, builds on Proof of Authority by combining it with Proof of Stake elements. It works by assigning a reputation score to validators who are publicly identifiable, known as Ambassadors.
Ambassadors are chosen each month by users who stake their coins to cast votes. The consensus is based on pre-approved authoritative Ambassadors with a Proof of Authority approach.
Reputation is assigned to Ambassadors based on several criteria including continual predetermined set of activities like promotion and campaigning of the Bitcoin Origin project.

Guys please let me know which one is your favourite, In case if I left out some consensus algorithms add on to the list.
Thank you in advance.