A research on the consensus mechanisms

Research Article
Open access

A research on the consensus mechanisms

Jiawei Peng 1 , Yijun Wu 2 , Kunfeng Yuan 3*
  • 1 Beijing Information Science and Technology University    
  • 2 Beijing University of Technology    
  • 3 University of Waikato    
  • *corresponding author ky109@students.waikato.ac.nz
Published on 23 October 2023 | https://doi.org/10.54254/2755-2721/16/20230853
ACE Vol.16
ISSN (Print): 2755-273X
ISSN (Online): 2755-2721
ISBN (Print): 978-1-83558-023-3
ISBN (Online): 978-1-83558-024-0

Abstract

A distributed and decentralized ledger widely used in the computer science and financial fields called blockchain has provided safe and fast transactions for multiple parties. Also, check the transaction by each node on the blockchain. The consensus mechanism is the core of the blockchain. It lets all the nodes reach an agreement for those transactions, which ensures security and accuracy and make Bitcoin valuable and popular. Two of the most mainstream Consensus mechanisms are Proof of Work (PoW) and Proof of Stake (PoS), and Proof of Authority (PoA) is the new one that will apply in the future. Many discourses talk about consensus mechanisms, most of which are review papers. Those papers mainly show a specific aspect of a consensus mechanism or introduce the primary notion, but they rarely explain the corresponding relationship between theories and cryptocurrency. So, the purpose is to give a clear structure, connect the consensus mechanism to its application and simplify the reader's understanding. This paper aims to provide an overview of the consensus mechanism, including its general definition, concepts of different mechanism variants, and advantages and disadvantages. For the structure below, the essay introduces the notion of consensus mechanism and how PoW, PoS, and PoA work. Then summarize the papers based on these three consensus mechanisms, describing the theories of many consensus mechanisms and comparing the advantages and disadvantages. The essay also creates a comparison table about these three consensus mechanisms to embody the content above the stem better.

Keywords:

consensus mechanism, blockchain, cryptocurrency, application

Peng,J.;Wu,Y.;Yuan,K. (2023). A research on the consensus mechanisms. Applied and Computational Engineering,16,127-137.
Export citation

References

[1]. Wang WB, et al. 2019 IEEE Access A survey on consensus mechanisms and mining strategy management in blockchain networks vol 7 pp 22328-22370

[2]. Zhang P, et al. 2019 Advances in Computers Consensus mechanisms and information security technologies vol 115 pp 181-209

[3]. B. Lashkari and P. Musilek 2021 IEEE Access A Comprehensive Review of Blockchain Consensus Mechanismsin vol 9 pp. 43620-43652

[4]. Skh Saad, S.M. and Raja Mohd Radzi, R.Z. 2020 International Journal of Innovative Computing Comparative Review of the Blockchain Consensus Algorithm Between Proof of Stake (POS) and Delegated Proof of Stake (DPOS) vol 10 p2

[5]. Zhang CQ, Wu CS, and Wang XY 2020 International Conference on Big Data Engineering Overview of Blockchain consensus mechanism

[6]. Buterin, Vitalik, et al. 2020 International Journal of Network Management Incentives in Ethereum's hybrid Casper protocol p 2098

[7]. R. Pass and E. Shi. 2016 The sleepy model of consensus

[8]. I. Bentov, R. Pass and E. Shi 2016 IACR Cryptol. ePrint Arch Snow white: Provably secure proofs of stake vol 2016 p 919

[9]. A. Shahaab, B. Lidgey, C. Hewage and I. Khan 2019 IEEE Access Applicability and Appropriateness of Distributed Ledgers Consensus Protocols in Public and Private Sectors: A Systematic Review vol 7 pp 43622-43636

[10]. E. Wustrow and B. VanderSloot 2016 Proc. 10th USENIX Workshop Offensive Technol DDoSCoin: Cryptocurrency with a malicious proof-of-work pp 1–10

[11]. F. Tschorsch and B. Scheuermann 2016 IEEE Commun Surveys Tuts Bitcoin and beyond: A technical survey on decentralized digital currencies vol 18 pp 2084–2123

[12]. L. Lamport 2006 Distrib. Comput. Fast Paxos vol 19 pp 79–103

[13]. Bada, Abigael O, et al. 2021 International Conference on Distributed Computing in Sensor Systems (DCOSS) Towards a green blockchain: A review of consensus mechanisms and their energy consumption

[14]. King S and Scott N 2012 self-published paper Ppcoin: Peer-to-peer crypto-currency with proof-of-stake Buterin, Vitalik, and Virgil G 2017 Preprint Casper the friendly finality gadget

[15]. Buterin, Vitalik, and Virgil G 2017 Preprint Casper the friendly finality gadget

[16]. Manolache M A, Manolache S and Tapus N 2022 Procedia Computer Science Decision Making using the Blockchain Proof of Authority Consensus vol 199 pp 580-588

[17]. Zhou Y, Hu Z Y, Yang Z G and Liu W Y 2021 Computer Science and Application Improved Proof of Authority Consensus Based on Verifiable Random Functions vol 11 pp 383-393

[18]. Joshi S 2021 arXiv preprint Feasibility of Proof of Authority as a Consensus Protocol Model

Cite this article

Peng,J.;Wu,Y.;Yuan,K. (2023). A research on the consensus mechanisms. Applied and Computational Engineering,16,127-137.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 5th International Conference on Computing and Data Science

ISBN：978-1-83558-023-3(Print) / 978-1-83558-024-0(Online)
Editor：Marwan Omar, Roman Bauer, Alan Wang
Conference website: https://2023.confcds.org/
Conference date: 14 July 2023
Series: Applied and Computational Engineering
Volume number: Vol.16
ISSN：2755-2721(Print) / 2755-273X(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).

References

[1]. Wang WB, et al. 2019 IEEE Access A survey on consensus mechanisms and mining strategy management in blockchain networks vol 7 pp 22328-22370

[2]. Zhang P, et al. 2019 Advances in Computers Consensus mechanisms and information security technologies vol 115 pp 181-209

[3]. B. Lashkari and P. Musilek 2021 IEEE Access A Comprehensive Review of Blockchain Consensus Mechanismsin vol 9 pp. 43620-43652

[4]. Skh Saad, S.M. and Raja Mohd Radzi, R.Z. 2020 International Journal of Innovative Computing Comparative Review of the Blockchain Consensus Algorithm Between Proof of Stake (POS) and Delegated Proof of Stake (DPOS) vol 10 p2

[5]. Zhang CQ, Wu CS, and Wang XY 2020 International Conference on Big Data Engineering Overview of Blockchain consensus mechanism

[6]. Buterin, Vitalik, et al. 2020 International Journal of Network Management Incentives in Ethereum's hybrid Casper protocol p 2098

[7]. R. Pass and E. Shi. 2016 The sleepy model of consensus

[8]. I. Bentov, R. Pass and E. Shi 2016 IACR Cryptol. ePrint Arch Snow white: Provably secure proofs of stake vol 2016 p 919

[9]. A. Shahaab, B. Lidgey, C. Hewage and I. Khan 2019 IEEE Access Applicability and Appropriateness of Distributed Ledgers Consensus Protocols in Public and Private Sectors: A Systematic Review vol 7 pp 43622-43636

[10]. E. Wustrow and B. VanderSloot 2016 Proc. 10th USENIX Workshop Offensive Technol DDoSCoin: Cryptocurrency with a malicious proof-of-work pp 1–10

[11]. F. Tschorsch and B. Scheuermann 2016 IEEE Commun Surveys Tuts Bitcoin and beyond: A technical survey on decentralized digital currencies vol 18 pp 2084–2123

[12]. L. Lamport 2006 Distrib. Comput. Fast Paxos vol 19 pp 79–103

[13]. Bada, Abigael O, et al. 2021 International Conference on Distributed Computing in Sensor Systems (DCOSS) Towards a green blockchain: A review of consensus mechanisms and their energy consumption

[14]. King S and Scott N 2012 self-published paper Ppcoin: Peer-to-peer crypto-currency with proof-of-stake Buterin, Vitalik, and Virgil G 2017 Preprint Casper the friendly finality gadget

[15]. Buterin, Vitalik, and Virgil G 2017 Preprint Casper the friendly finality gadget

[16]. Manolache M A, Manolache S and Tapus N 2022 Procedia Computer Science Decision Making using the Blockchain Proof of Authority Consensus vol 199 pp 580-588

[17]. Zhou Y, Hu Z Y, Yang Z G and Liu W Y 2021 Computer Science and Application Improved Proof of Authority Consensus Based on Verifiable Random Functions vol 11 pp 383-393

[18]. Joshi S 2021 arXiv preprint Feasibility of Proof of Authority as a Consensus Protocol Model

For authors
Guide for authors Policies for authors Aims and scope Subscription Open access policy
For editors
Policies for editors Editorial board
For reviewers
Policies for reviewers Privacy policy

Cookies are used by this site.
Copyright © 2024 EWA Publishing, its licensors, and contributors. All rights reserved, including text and data mining, AI training, and similar technologies.