Consensus Mechanisms: The Short and Sweet Guide

What Is Consensus?

What Are the Different Types of Consensus Mechanisms?

  • Proof of work as the most secure. There are 100,000s of devices competing in processing power to win block rewards. The algorithm chooses whoever validates the transaction first.
  • Proof of stake as the most energy-efficient. Validators deposit tokens on the network to increase their chance of winning blocks. Even though the algorithm is random, large validators can affect probability.
  • Delegated Proof of Stake as the fastest. It’s an upgraded PoS model that allows nodes to vote on other devices (“delegates”) to validate. Validators with large stakes, 24h availability, and good history will be voted more often.
  • Proof of history (Solana)
  • Proof of capacity (Burstcoin)
  • Proof of elapsed time (Hyperledger Sawtooth)
  • Proof of activity (Decred)
  • Byzantine Fault Tolerance (Hyperledger Fabric)
  • Proof of burn (Slimcoin)
  • Proof of authority (VeChain)

What Is Proof-Of-Work?

What Networks Are Proof-Of-Work?

What Is Proof-Of-Stake?

What Blockchains Are Proof-Of-Stake?

  • Ethereum
  • Algorand
  • Elrond
  • Avalanche
  • Binance Coin
  • Near Protocol
  • Flow
  • PulseChain
  • EOS IO
  • Cardano
  • Tron
  • Cosmos

What’s The Best Consensus Model?

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A truly decentralized borrowing protocol that allows you to draw 0% interest-free loans against your Pulse coins. Non-custodial, immutable and no admin keys.