What most developers want when creating their protocols is to decrease the inconveniences of traditional protocols
Algorithms to achieve a consensus
Some time has passed since we heard the definition of Blockchain for the first time, a P2P distributed information registry where the different participants don’t need to trust each other, as there’s a consensus that guarantees the security and veracity of transactions.
Getting to a sole consensus between all the parties is precisely one of the main problems of a distributed network, which is why it’s necessary to implement a simple protocol known as a Consensus Protocol.
A consensus protocol is a syntactic, algorithmic, computational, or mathematics medium that allows different parts of a network to share information, creating a failure-tolerant system, which lets participants reach the same conclusion starting from limited initial information.
Consensus protocols aren’t a novelty
There are many consensus protocols that aren’t exclusively related to blockchain and everything about it, as there are references of the first developments of digital money since the 80s. This is the case of Digicash, developed by David Chaum in 1982, or Hashcash, created by Adam Back in 1997, establishing these protocols was necessary for them, the Proof of Work was one of the first that was born on the Internet.
The most popular protocols currently are precisely the Proof of Work (PoW), implemented by Bitcoin, and the Proof of Stake (PoS), developed by Ethereum. From these, many more have emerged with some advantages over their predecessors, and naturally with several disadvantages too.
What most developers want when creating their protocols is to decrease the inconveniences of traditional protocols, that’s why there are many other proposals focused on eliminating pitfalls such as excessive energy consumption, or the requirement of advanced programming knowledge.
The features, advantages, and disadvantages of these protocols used in several blockchains can be analyzed like this:
Proof of Work (PoW): In the crypto ecosystem, PoW has resulted to be very effective to keep decentralization as the essence of transactions made in a blockchain, thanks to its security features that achieve a consensus within the chain and prevent situations like double spending or account manipulation, making possible to confirm transactions and organize blocks.
This is definitely its greatest advantage, and being the Bitcoin protocol gives it effectiveness and reliability. In this protocol, the user must perform a job with a certain cost that can be easily verified by the server, consisting of making a calculation in the user’s computer in order to prevent service denial attacks or spam.
Its greatest disadvantage lies on the high energy consumption that the equipment requires to carry out the consensus protocol to validate a block of the chain, because as the difficulty increases, it requires more processing, increasing the energetic consumption.
Proof of Stake (PoS): It’s a distributed consensus protocol for distributed networks that secures a cryptocurrency’s network and works with the probability of finding transactions and receiving the corresponding prize through the petition of proof of cryptocurrency ownership. This protocol decreases consumption but represents a disadvantage for those who don’t possess many crypto-assets.
Proof of Authority (PoA): Developed to solve the problem of the spam attacks in the Ropsten testnet of Ethereum, it’s a testnet available for all the users of Ethereum. It represents a major security feature for the blockchain activity, but it’s only used by Ethereum.
With the creation of new blockchains for the functioning of new cryptocurrencies, alternative protocols have been developed, some of them are:
Proof of activity: a hybrid between the PoW and PoS where the activity starts as a proof of work but it changes to PoS by the course of the block validation process to select a random group of validators to sign the new block. Just like the PoW, it requires excessive energy consumption, and due to the PoS features, it also represents a selective protocol.
Proof of Brun (PoB): Instead of pouring money in expensive computing equipment, the coins are “burned” by sending them to an address where they can’t be recovered. By depositing coins in a never-reclaimed land, a lifetime privilege is earned to mine in the system based on a random selection process. The more coins miners burn, the more possibilities they will have to be selected to exploit the next block. It gathers the PoW and PoS disadvantages at the same time.
Proof of capacity (PoC): It uses a reproduction fee scheme, but the “payment” here is hard drive space. The more space they have, the more possibilities they will have to exploit the next block and obtain the reward. It requires the user to have a wide storage capacity, which is why costs in equipment are a disadvantage.
Proof of Play (PoP): Proof of Play could be considered as a protocol that derives from the Proof of Stake (PoS), and its goal is that users can prove their participation in the game, which must have a winner. The blocks are validated within a chain through the assignment of challenges in a game. So instead of trusting the work performed by computers, the work is performed by the user through a game. Although it highly reduces the disadvantages presented by the prior protocols, it isn’t consolidated as a secure protocol yet.
Proof of Achievement (PoAch): This is a protocol that results from the impeccable fusion between the Proof of Play (PoP) and the Proof of Work (PoW), which is based on a strategy where the work performed by the man on the machine is rewarded once the goal proposed by the raised challenge is achieved. That is, whoever uses their time developing the activity can achieve the block’s validation. This protocol projects itself as the most accessible, as its feature of a human-machine symbiosis exponentially decreases the energetic consumption, expensive equipment, need for expertise and time for the block’s validation.
PoAch is the protocol of the Ariancoin blockchain responsible for accessible and smart mining to be accomplished with all its features from any conventional computer.
We invite you to know more about the PoAch in the website https://Ariancoin.io where you can experience its advantages when downloading the Arian Interactive Node.