Blockchain Algorithms

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Blockchain Algorithms

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Types of Blockchain Algorithms

• Blockchain algorithms differ from one blockchain
  to another blockchain .Let us look at the
  different Consensus algorithms that are derived
  so far.
• The following are the various consensus
  algorithms in blockchain technology
• 1.Proof-of-Work
• 2.Proof-of-Stake
• 3.Delegated Proof-of-Stake
• 4.Leased Proof-Of-Stake
• 5.Proof of Elapsed Time

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• 6.Practical Byzantine Fault Tolerance
• 7.Simplified Byzantine Fault Tolerance
• 8.Delegated Byzantine Fault Tolerance
• 9.Directed Acyclic Graphs
• 10.Proof-of-Activity
• 11.Proof-of-Importance
• 12.Proof-of-Capacity
• 13.Proof-of-Burn
• 14.Proof-of-Weight

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Proof Of Work

• A Proof-of-Work is a measure of DoS attack and
  other service abuses which includes spam on a
  network by requiring some work from the service
  requester. It most involves a lot of
  computational power .Proof-of-work-
  allows,solving of computationally intensive
  puzzles to validate transactions and create new
  blocks.
• Cryptocurrency that uses PoW Bitcoin uses PoW
  consensus algorithms. Ethereum too used PoW for
  nearly 4-blockchain projects and then moved on to
  PoS.

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Proof Of Stake

• Proof of Stake chooses the miners of the next
  block or individual who validate next transaction
  by their coin possession. This consensus
  algorithm introduced for dealing with the
  difficulties by PoW and aims for distributed
  consensus.
• Proof Of Elapsed Time (PoET)
• Proof of elapsed time (POET) is a blockchain
  consensus algorithm that uses a particular tactic
  to prevent high resource utilization and huge
  energy consumption. This keeps the permissioned
  blockchain network by following a fair lottery
  system.

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• Proof-Of-Activity ( PoA )
• Proof of activity is an approach that mixes the
  two commonly used algorithms proof of work (POW)
  and proof of stake (POS).Proof-of-Activity. It
  combines the best two features of both
  algorithms, more secured against any attack and
  not a not power-hungry system.
• Proof-Of-Importance ( PoI )
• Proof-of-importance is a blockchain consensus
  algorithm that proves the utility of nodes in a
  network which allows them to create a block by a
  process called New Economy Movement (NEM).

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Bitdeal

• We Bitdeal, Leading Blockchain Development
  Company can help you in building a blockchain
  with best Consensus Algorithm that best suits for
  your Private blockchain network . Our Blockchain
  experts often undergoes R D process and always
  finds the best algorithms out of choices to
  develop a blockchain network.
• Get a free consultation from Bitdeal Now !!!