Look Out For These Innovative Blockchain Consensus Models In 2022

July

18

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Most populations involved in the crypto market know that any blockchain-based technology, at its foundation, uses distributed, decentralized networks that are meant to give a high level of immutability, privacy, security, and transparency. This is due to the lack of centralized authorities overseeing the transactions occurring within such a network, even though every related transaction is thought to be 100 percent secure and validated.

A “consensus mechanism,” or governance protocol, at the core of every blockchain, makes this feasible. A consensus algorithm, in computing terms, is a digital procedure that enables the participants in a network to agree digitally on the state of that network. To put it another way, consensus mechanisms promote confidence among all of the members in blockchain networks, which helps make them more dependable.

Consensus mechanisms ensure that every block that is added to a blockchain is entirely genuine and has the support of every node operator in the network from a functional perspective. In this regard, it should be mentioned that, in addition to the traditional proof-of-work (PoW) and proof-of-stake (PoS) protocols, several unique consensus protocols have recently entered the market. We’ll try to enumerate a few of these mechanisms in this article. Therefore, without further ado, let’s get right to the point.

DPoSec (Distributed Proof Of Security)

The best way to characterize Distributed Proof of Security (dPoSec), which also functions as a cybersecurity mesh, is as a highly robust, decentralized assurance system. It is intended to establish/prove device integrity, enforce context, operational trust, and policy adherence without the involvement of a centralized body or other undesired intermediaries.

The Naoris Protocol is a decentralized system that not only enables the creation of a cyber secure environment for Web2/Web3 services but also aids in bringing value to nation-states, governance structures, and industries. It is also the most well-known project and, in fact, the inventor of the dPoSec consensus mechanism. For more information, see that the protocol is entirely community-governed, censorship-resistant, and designed so that it doesn’t compete with current L1 and L2 solutions.

Naoris may be readily integrated into the frameworks of third-party blockchains, minimizing many of the cybersecurity risks associated with the Web2 ecosystem and enhancing the integrity of their own validators and nodes. By utilizing the dPoSec consensus, Naoris guarantees that network devices that are a part of the network can function as decentralized cyber secure validators. In conclusion, this consensus model exemplifies one of the few real-world applications of blockchain technology.

Proof Of Authority (PoA)

Proof of Authority (PoA) is a consensus mechanism that calls for validators to stake their identity or reputation rather than tokens and is best suited for private blockchain networks. They are intrinsically motivated to protect the system’s reputation because validators must demonstrate their true identity toovernance powers. For more information, let’s say that the algorithm hand-picks a small number of nodes, which are then charged with approving transactions, creating blocks, and maintaining the network.

The PoA algorithm doesn’t need a lot of computer power; therefore, there’s no need to buy pricy hardware, which is worth emphasizing. The POA Network, an open-source intelligent contract framework, was among the first networks to implement this method. Another illustration is the collaboration between VeChainThor and Microsoft Azure, the latter of which uses the PoA mechanism as a component of its Ethereum-based cloud computing platform.

Proof Of History (PoH)

Proof of History (PoH), one of the newest consensus techniques available today, is a built-in synchronization protocol that aids in resolving the long-standing “clock problem” many blockchain networks are now experiencing. Today, most nodes in decentralized networks rely on external data sources to provide “median” timestamps to the transactions they have authenticated. The PoH algorithm already has an “internal clock” that helps get around this problem in this aspect.

Solana, a scalability-focused, high-performance blockchain that has gained much attention over the past year, is the most widely used and, as of yet, the only one to use the PoH mechanism. As a result, the network’s associated digital currency (SOL) is currently among the top 10 cryptos by total market capitalization. Additionally, there are more than 350 dApps in the ecosystem, and new ones are being released daily.

About the author, Awi Khan

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