August 2018
Beginner to intermediate
94 pages
2h 37m
English
Content preview from Learn Bitcoin and Blockchain
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Types of consensus algorithms
The following three consensus algorithms or protocols are used in the majority of blockchain platforms:
- PoW
- PoS
- PoET
We will also do a quick comparison of these three, in the later sections. Before we look at these different consensus algorithms, let's take a look at the reasons behind the variety of algorithms. The following are some of the reasons for that variety:
- Business need: Business demands drive which algorithm to use.
- Use case: The use case for using a public or private blockchain influences which algorithm will be used.
- Token need: Not every business case needs to use tokens or cryptocurrencies, and may just want to use the underlying blockchain with a consensus.
- Security and privacy: Security requirements ...
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