Review of blockchain’s consensus algorithms Comparative Analysis and Future Directions of Blockchain Consensus Mechanisms
Boyuan Yang · Journal of Computing and Electronic Information Management · 2024
This paper provides a comprehensive review of blockchain consensus algorithms, classifying them into public chains, consortium chains, private chains, and special chains. It explores the evolution of these algorithms, from the early Nakamoto Consensus in Bitcoin to advanced mechanisms. The review highlights the varying degrees of decentralization, security, and scalability among these algorithms, addressing their advantages, limitations, and the ongoing research aimed at overcoming existing challenges. By comparing traditional and novel consensus mechanisms, this paper aims to provide a valuable reference for both new and seasoned researchers, fostering further innovation in the development of efficient and robust blockchain systems.