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Comparison and analysis of various consensus mechanisms of blockchain

Time : 03/05/2022 Author : ojd0bz Click : + -
        In Casper's rules, any account with Ethereum can become a verifier in the contract. However, the premise is that a certain amount of Ethereum needs to be mortgaged in the Casper smart contract. The more mortgages, the greater the probability of being selected as a verifier. After that, the Casper contract selects a set of verifiers in a random way. The selected set of verifiers verifies the blocks in a certain order. If all the verifications pass, it will be added to the block At the same time, all verifiers in the chain will be rewarded according to the proportion of mortgaged Ethereum. If the contract does not comply with the rules established by the contract, the contract will confiscate the mortgaged Ethereum as a punishment. At present, the common consensus mechanisms of blockchain mainly include: proof of work (POW), proof of equity (POS), dpos (entrusted equity certificate), mixed proof (pospow), Poa (authority certificate) and Casper (next generation Ethereum equity certificate).
        As the core of blockchain, it is important to understand the consensus mechanism of blockchain. The consensus mechanism is a mechanism for blockchain nodes to reach a consensus on blockchain information across the network. It can ensure that the latest blocks are accurately added to the blockchain and that the blockchain information stored by the nodes is consistent and can not be forked or even resist malicious attacks. It can be understood as a set of game rules that everyone abides by. In this set of rules, all people participate in the game together, maintain the security of the entire network, and get rewards. The so-called mining comes from this. There are many mainstream consensus mechanisms, including proof of work (POW), proof of entitlement (POS), mixed proof (pospow), and so on.
        The consensus mechanism of the Ethereum (ETH) main network that we are familiar with is the early POW and the later pos. in short, it is to mine according to your computing power. When the mining reaches a certain level, there is no need to waste energy to dig, and you will be given money if you keep money. Pow (proof of work) is the most well-known consensus mechanism, which is used by BTC, ETH, LTC, etc. POW can be said that the amount of monetary rewards obtained by mining depends on the effective work of mining contribution, that is, the better the performance of the mining machine and the longer the mining time, the more monetary rewards will be obtained. According to the principle that only certain costs can be paid, POW has brought fresh support to the whole blockchain & mdash& mdash; miner.
        However, while POW mechanism exists, it is supported by a sufficient number of miners. Moreover, with the expansion of transaction volume and the influence of calculation difficulty, the transaction speed behind the pow mechanism becomes slower, the cost to the miners increases, and the transaction fee of people in the whole network also increases. Here, we can compare the Ethereum main network to a plane. The passenger capacity of the plane is limited, and everyone wants to take this flight. The ticket price of this flight will naturally be very high. The following takes bitcoin as an example to explain the consensus rule of pow. Each node conducts data processing according to this consensus rule: collect the original transaction information that has not been recorded in the account book in the broadcast, check whether the payment address in each transaction information has sufficient balance, verify whether the transaction has correct signature, package and record the verified transaction information, and obtain the unique accounting right by solving the cryptology problem (i.e. POW workload proof) competition, A block is formed in about 10 minutes, and the specific time will interact with the difficulty of cryptology problems. Only one of all blockchain nodes in a single time span can account successfully. The specific implementation is to hash the original transaction information through guessing, and add random value elements to make the hash result (summary information) start with 10 zeros. Theoretically, a single node needs to calculate 62 to the power of 18 to calculate the result, It needs strong computing power and power support.
        When a node preferentially calculates the random number, it broadcasts immediately to obtain the unique accounting right. Other nodes verify the data of the broadcast and add this block to its local blockchain after the verification is passed. The node that calculates the random number will receive 12.5 bitcoins as a mining reward. POW's advantage pow (proof of workload) selects the node with accounting right from many nodes through very complicated calculation, which makes the node pay a great price to obtain the accounting right, increases the cost of node fraud, and ensures the security of the entire network to a great extent. Disadvantages of pow most of the computing power in the pow consensus mechanism is wasted. As a result, all nodes are doing meaningless calculations. As of November 20, 2017, the power consumption of the whole bitcoin network has exceeded the annual power consumption of 159 countries.
        The bitcoin network forms a block in an average of 10 minutes. Many blocks are confirmed for more than 2 hours, and the transaction speed delay is very high. POS (proof of stake) is literally translated as equity certificate, which directly proves the shares you hold. (examples: Star coin, dog coin, etc.). Because the pow mechanism of BTC determines who has strong computing power can obtain more income and have greater bookkeeping rights. Therefore, the mining of pow currencies such as bitcoin brings huge power and energy consumption. In order to solve this situation, there is POS. POS tries to solve the situation that a large amount of resources are wasted in the pow mechanism.
        This mechanism determines the accounting right by calculating the percentage of the total number of coins you hold and the time you hold the number of coins. Although the POS mechanism avoids very complicated decryption operations, each transaction still needs to be confirmed by all the nodes in the network that hold POS. In the real world, POS is very common, and the most familiar example is stocks. Stocks are used to record equity. Those with more stocks have higher voting rights and earning rights. Dpos (delegated proof of stake) is an evolutionary scheme of POS, and the bit share BTS uses the dpos consensus mechanism.
        In the conventional POW and POS, a major impact on efficiency is that any newly added block needs to be confirmed by all nodes of the entire network. The dpos optimization scheme is to select a small group of nodes from time to time through different strategies, and this small group of nodes does the creation, verification, signature and mutual supervision of new blocks, thus greatly reducing the time and computational cost required for block creation and confirmation. Casper is the next generation Ethereum consensus mechanism. Casper is an implementation form of POS protocol, which was first proposed in the Ethereum purple book in 2016. According to Casper's rules, any account with Ethereum can become a verifier in the contract. However, the premise is that a certain amount of Ethereum needs to be mortgaged in the Casper smart contract (the more the mortgage, the greater the probability of being selected as a verifier). Then, the Casper contract selects a set of verifiers in a random manner, and the selected set of verifiers verifies the blocks in a certain order, If all the verifications pass, they will be added to the blockchain. At the same time, all verifiers will be rewarded according to the proportion of mortgaged Ethereum. If they do not comply with the rules set by the contract, the contract will confiscate the mortgaged Ethereum as a punishment.
        In order to combine the advantages of the two mining methods, a coin based on the hybrid consensus mechanism of powpos was started. For example, hcash and Ethereum eth are also changing to powpos mixed mining and upgrading. Suppose that the mechanism of a coin is a hybrid mechanism of powpos. Then the users and miners who hold the coin can participate in the voting and participate in the major decisions of the coin community. Both the holders and miners can influence the pre prepared updates, such as segwits and block enlargement. If these updates are widely accepted, without developer intervention, the chain will automatically fork to match the updates.
        And this is true decentralization. A hybrid mechanism is used to realize the efficient operation of Dao (decentralized autonomous organization) in a broad sense. Through powpos, the voting weight is fairly distributed according to the number of coins held and the workload to achieve community autonomy. The so-called POA (proof of authority) is to use a set of so-called "permissions" to allow people to create new nodes on the blockchain and ensure the security of the blockchain. The Ethereum test network (Kovan) uses the POA algorithm. In Poa, the verifier is the key of the whole consensus mechanism. The verifier does not need expensive graphics cards or sufficient assets, but he must have a known and verified identity.
        The verifier obtains the right to guarantee the network by placing this identity in exchange for block rewards. If the verifier has malicious acts in the whole process, or colludes with other verifiers. Malicious actors can be removed and replaced through chain management. The existing legal anti fraud protection will be used to protect the participants of the entire network from the malicious acts of the verifier. What is POA network? POA network is the underlying blockchain based on POA consensus. In the POA network, every verifier must have a notarial license in the United States. People need to authenticate through POA network identity dapps, including proof of address and proof of no criminal record.
        And then performs a so-called initiation ceremony to obtain the key. The verifier who passes the test can take on the responsibility of protecting the security of the network and get rewards. As an underlying chain, Poa network can use the same verifier for each new private chain, or have its own set of verifiers and other verifiable licenses. The common understanding is that in the past, we needed a group of people who didn't know each other to work out a complex mathematical problem, so as to win or lose. Now, we only need to have a trusted person (at least approved by their team) as a guarantee to quickly pass the transaction.
        And this person will also be paid for guaranteeing this transaction. What if this guarantor does something bad? It doesn't matter. Other trusted guarantors are watching. If he dares to do something bad, I'll kick you out. And what if the guarantor deliberately makes things difficult for you? It doesn't matter. The existing laws can guarantee your legal rights and interests (note that the loss of digital assets is not within the scope of legal protection in China). The advantage of Poa's authoritative certification is that the official claims that a block can be packaged in 5S, and the transaction time is fast. No mining, energy saving and environmental protection. In the whole network, verifiers supervise each other and can vote to join new verifiers or reject unqualified verifiers at any time. All verifiers have signed agreements with the network and cannot establish new branches on the POA.
        High scalability and high compatibility. The difference between POA and proof of work mechanism (POW) and proof of interest mechanism (POA) both POW and POS consensus use a mining mechanism, while POA is not a POS mechanism. The participant with the highest interest is selected as the witness. This mechanism assumes that the largest stakeholder is motivated by the confirmed transaction. POW operates by verifying that the transaction has been completed before it is confirmed. At the same time, Poa uses personal identity as a separate authority to verify, which means that mining is not required for the whole process. The difference between POA and proxy equity mechanism (dpos) dpos operates by using witnesses to generate blocks.
        The witness is elected by the stakeholders, and the election method is one vote, one witness and one right. However, in Poa, the authority is appointed in advance, which means that there will be no prejudice and unfair process due to unfair rights and interests. In Poa, witnesses need to use their own identities to formally verify through dapps, and their identity information is transparent and visible to everyone in the public domain. The idea behind POA is that individuals have the right to become witnesses, so they have the incentive to maintain their original status. By binding identity and reputation, witnesses are encouraged to verify transactions and maintain network security. They do not want to associate their identity with a bad reputation.
        This mechanism is considered to be more secure than the ordinary proof of interest mechanism (POS). POW and POS have their own advantages and disadvantages. But it seems that pow has many advantages. Take a look at the top currencies in the current market value ranking. Most of them are pow. POS and POA are suspected to be centralized, and power is only in the hands of a few people. Although POW can be fully decentralized, it has the disadvantage of consuming a lot of energy.
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