December 2018
Beginner to intermediate
564 pages
17h 34m
English
Content preview from Blockchain Developer's Guide
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Consensus alternatives
A consensus mechanism is the root of transactions of Bitcoins; the mechanism used in Bitcoins is based on proof-of-work, using a SHA256 algorithm. Since the consensus mechanism requires the mining of blocks, it became very computation-intensive, leading to the creation of specified Application-Specific Integrated Circuit Chips (ASICs), which are Bitcoin-mining hardware created specifically to solve Bitcoin blocks.
This led to the creation of Altcoins with innovative algorithms such as these:
- Scrypt: This is widely used in Litecoins, Dogecoin, and so on
- Scrypt - N: This is used in vertcoin, Execoin, and so on
- Skein: This is used in DigiByte, Myraid, and so on
- Groestl: This is used in Groestlcoin, securecoin, and so ...
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