ConsensusPedia: An Encyclopedia of 30+ Consensus Algorithms

A complete list/comparison of all consensus algorithms.

Photo by James L.W on Unsplash

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Consensus algorithms are the basis of all the blockchains/DAGs. They are the most important part of the blockchain/DAG platforms.

Without them(consensus algorithms) we will be left with just a dumb, immutable database.

Here we list all the major consensus algorithms and will evaluate their pros and cons. If you find anything missing or wrong here then shoot that in the comments. Also, the article will be updated regularly as I study more about these algorithms and their economic impacts.

P.S. This article assumes that you have an understanding about what is a consensus algorithm and it’s significance in blockchains.

Here is a list of 30 consensus algorithms.

1. Proof of Work

Pros:

• It has been tested in the wild since 2009 and stands steady today as well.

Cons:

• It’s slow.
• Uses up a lot of energy, not good for environment.
• Is susceptible to economies of scale.

Used by: Bitcoin, Ethereum, Litecoin, Dogecoin etc.