Consensus Algorithms are the core of any Blockchain: A guide to the best Consensus Protocols
The idea behind Blockchain technology is to allow affordable, secure and fast transactions across the globe in a truly decentralized and censorship-proof environment. As often happens, however, the reality doesn’t unveil like the original vision. We here at Coinrule are passionate observers of the Blockchain space and will provide an introduction to Blockchain Consensus algorithms in this article.
At the peak of their volume in 2017, Bitcoin and Ethereum networks were highly congested, and so transactions became expensive and relatively slow. Another primary concern about Blockchain is the risk that a few participants can gather enough power to take control of the network for their own interest.
The worst nightmare for any Blockchain is a 51% attack to occur.
Performances, scalability, transaction fees and security are the main issues that directly depend on the choice of the “consensus algorithm” posed at the core of any Blockchain. This choice is the most important for any developer as it can determine the success or the failure of the network itself.
