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Blockchain Solutions (1)

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Our Osiz Technologies adroit team of Blockchain developers provide you with cutting-edge Blockchain solutions based on your business requirements. – PowerPoint PPT presentation

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Date added: 4 September 2019
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Title: Blockchain Solutions (1)


1
CONSENSUS ALGORITHM - A HERITAGE TO THE
BLOCKCHAIN ECOSYSTEM
  • www.osiztechnologies.com

2
  • In recent times, the world is revolutionizing
    with the technology advancements. Undoubtedly,
    the blockchain technology is surfacing in the
    midst with its anew releases. Its amazing that
    how much we are craze to grasp its emerging
    releases, it offers constant technology
    advancements to us.
  • Consensus Algorithm - The Root of Blockchain
    Technology
  • The thing which makes all the consensus sequences
    of a blockchain differ from one another is
    possible with this consensus algorithms. To point
    out, blockchain network facilitates millions and
    millions of people in the same space. But it
    makes us wonder, how they ever and never
    interfere with one another. To spot our, this
    exist only because of the consensus algorithm.

3
Why Consensus Algorithm?
  • As a known fact, a blockchain network is of
    distributed architecture. Usually, the nodes of a
    blockchain network are autonomous (I.e,
    independent to each other) and to maintain data
    consistency, it is more vital to collaborate the
    nodes with each other. Henceforth, the consensus
    enables nodes coordination and attain database
    consistency in the blockchain network..
  • As a matter of fact, a consensus algorithm
    furnishes systems security and reliability. To
    secure a blockchain system, a consensus algorithm
    should be spirited to these following attacks.
  • 1. 51 attack
  • 2. Denial of Service (DoS) attack
  • 3. Byzantine faults

4
  • 4. Sybil attack
  • To protect, detect and resolve the faults and
    attacks happen in the blockchain network,
    consensus algorithm is obligatory.
  • Categories of Consensus Algorithm
  • The consensus algorithm comes with 14 categories
    to facilitate the humans. They are the following
  • (i) Proof of Work (PoW)
  • In proof of work, the miners or the
    supercomputers have to figure out complex
    problems or puzzles when a transaction is
    initiated by the user to verify it.

5
  • (ii) Proof of Stake (PoS)
  • In the Proof of Stake concept, the user has to
    spend his/her coins to mine or validate new
    block.
  • (iii) Delegated Proof of Stake (DPoS)
  • DPoS is identical to PoS, but the user need to
    expend more coins to vote or elect witnesses.
  • (iv) Leased Proof of Stake (LPoS)
  • The user can build customized tokens and attain
    benefit from it through the coin lease to the
    network.

6
  • (v) Proof of Activity (PoA)
  • This algorithm utilizes both PoW and PoS, to
    integrate the best of two features for fine
    validation solution.  
  • (vi) Proof of Importance (PoI)
  • When an user often sends and receive
    transactions, they will be rewarded with some fee
    for it.
  • (vii) Proof of Capacity (PoC)
  • With this protocol, it is simple to utilize the
    hard drive of the users capacity

7
  • (viii) Proof of Burn (PoB)
  • Users sends the coin back into the Eater Address,
    the wallet that they cant recover coin from, and
    get reward based on the amount.
  • (ix) Proof of Weight (PoWeight)
  • Similar to the PoS, but the contrast is that
    PoWeight depends on certain constituent called
    weights.
  • (x) Proof of Elapsed Time (PoET)
  • It is identical as PoW, rather than that it
    focuses more on the consumption.
  • (xi) Practical Byzantine Fault Tolerance (PBFT)
  • It focuses on the state machine. The byzantine
    utilizes certain sequence to have the rouge users
    at bay.

8
  • (xii) Simplified Byzantine Fault Tolerance (SBFT)
  • Here, the validator can aggregate the proposed
    transactions and build a new block.
  • (xiii) Delegated Byzantine Fault Tolerance (DBFT)
  • Among the professional node controllers, it
    mainly focuses on the gamified way to verify a
    block.
  • (xiv) Directed Acyclic Graphs (DAG)
  • DAGs can handle the transactions asynchronously
    without having a blockchain data structure.

9
Consensus as a Boon Algorithm
  • To mention, consensus algorithms are chief
    supposition of blockchain distributed systems. As
    a result, a consensus algorithm is essential to
    enable consistency, reliability and security in a
    blockchain system. To make the businesses wonder,
    many of the entrepreneurs are seeking for the
    best blockchain development company. For them,
    Osiz Technologies is the right choice, a
    leading blockchain development company which is
    familiar with all sorts of above mentioned
    consensus algorithm to deliver best blockchain
    development services to their clients. Make
    quantity in your business with quality services.

10
  • Stick with us for your blockchain requisites
  • Call/Whatsapp  9489606634
  • E-mail  sales_at_osiztechnologies.com
  • Skype  Skype osiz.tech
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