Topic: Which Is Your Favorite Blockchain Consensus Algorithm? (Read 129 times)
Although proof of work seems outdated and old fashioned and also comes with a lot of disadvantages like expensive equipment, high energy consumption etc but my personal choice among all these algorithms is still pow, it just gives me the feeling of that real.work and real busines
I prefer proof of stakes (POS) but every algorithm has its advantages (for example: more secure) and disadvantages (for example: too consumption of cpu or fees to miners)
I am a miner myself and my most favourite is the Proof-of-Work (PoW). It is mainly implemented mostly in Bitcoin, Ethereum, Litecoin, Dogecoin and many more.
It's a bit tough to answer. Every algorithm has its own advantages and disandvantages. It completely depends on you on what kind you would like to work on.
Every blockchain consensus algorithm has prons and cons. The suggestion would be research for yourself a bit and then come to a decision which one you want to use.
It is hard to tell and frankly to give best answer. This is a quote from a paper i found in a reddit forum which is interesting "When looking at Blockchain to solve a business problem, it is imperative to look at the scale of the intended network, the relationships between participants, and both functional and non-functional aspects (such as performance and confidentiality) before determining the right platform and the right consensus model to use." Hope it helps somehow.
Well, there are many algorithm and the most popular one is of course blockchain. This is the one which the other algorithms mainly follow, just giving other facilities. But other algorithms are not bad also, except for some scams. So it all depends on the usage, it varies as per the user.
Blockchain is not a algorithm, it is a technology. Some popular algorithms are Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof-of-Stake (DPoS). Do learn more buddy.
When setting up your business on the blockchain there are numerous different consensus algorithms from which to choose. Here are a few other consensus algorithms that the "Blockchain for business - An Introduction to Hyperledger Technologies".
Well, there are many algorithm and the most popular one is of course blockchain. This is the one which the other algorithms mainly follow, just giving other facilities. But other algorithms are not bad also, except for some scams. So it all depends on the usage, it varies as per the user.
"proof of stakes": it is fav of every investors who wanna invest for a long time. Even ethereum is going to come from POW to POS in near future but the date and year is not yet finalized.
i like to use (POS) or proof of stake as a new member on the blockchain
the block arent created by miners doing work, but by minyers staking their token to voting on which fork to support.
assuming most people vote on the correct fork, validatorwho voted on the wrong fork would lose their stakes
It will consume less energy compared with POW system but there was a lot of blockchain consensus algorithm just like DPOS, PoA, and many more. Each of them has their own advantages compared with another consensus. But just try to pick the best one that will not a=consume a lot of energy to support the global warming. the block arent created by miners doing work, but by minyers staking their token to voting on which fork to support.
assuming most people vote on the correct fork, validatorwho voted on the wrong fork would lose their stakes
i like to use (POS) or proof of stake as a new member on the blockchain
the block arent created by miners doing work, but by minyers staking their token to voting on which fork to support.
assuming most people vote on the correct fork, validatorwho voted on the wrong fork would lose their stakes
the block arent created by miners doing work, but by minyers staking their token to voting on which fork to support.
assuming most people vote on the correct fork, validatorwho voted on the wrong fork would lose their stakes
Not every consensus algorithm is perfect, but they each have their strengths. But POW is still a favourite as it was the first blockchain consensus algorithm. And devised by Satoshi Nakamoto himself for use.
There are some good blockchain consensus algorithm out there. Not all of them are same and equally efficient. One should always go for the most reliable and most efficient blockchain consensus algorithm.
And what is the reason?
Jump to: