Consensus Algorithms for Blockchains & Hyperledger Frameworks
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Provides an overview of why consensus algorithms are required and its various types. Also talks about different Hyperledger frameworks available
Consensus Algorithms for Blockchains & Hyperledger Frameworks
- 2. Quick Overview Decentralized / distributed Ledger system Secure & Immutable
- 3. What are consensus algorithms? Helps in: Reaching an agreement Resolving conflicts Prevents: Unduly influencing in one direction Wrongful manipulation of the system state
- 4. Types of consensus algorithms Proof of Work Proof of Stake Proof of Elapsed Time random lottery / FCFS Proof of Authority minimum number of designated authorities (permissioned nodes) Simplified Byzantine Fault Tolerant Consensus (SBFT) permissioned, minimum number of nodes
- 5. Choice of Algorithm Permissioned Lottery-based Permissioned Voting-based Standard Proof of Work Speed **** GOOD **** GOOD * POOR Scalability **** GOOD *** MODERATE **** GOOD Finality *** MODERATE **** GOOD * POOR
- 8. Criteria for choosing the right framework Architecture Scalability, performance and supported endpoints Confidentiality Transactions should be viewed by only somme parties in the network Participants Known (permissioned) Unknown (permissionless)