Consensus Protocols

Byzantine Fault Tolerance (BFT): A property of a distributed network that allows it to reach consensus despite nodes failing or acting maliciously. Protocols like PBFT (Practical Byzantine Fault Tolerance) ensure network reliability and security under such conditions.

Delegated Proof of Stake (DPoS): A consensus mechanism where stakeholders elect a small number of delegates to validate transactions and create new blocks, aiming to achieve faster and more efficient consensus.

Federated Consensus: A consensus model where a selected group of trusted nodes (federation) validate transactions and create new blocks, often used in permissioned blockchains.

Hybrid Consensus: A combination of two or more consensus mechanisms, such as PoW and PoS, to leverage the benefits of each and enhance the security and efficiency of the blockchain network.

Nominated Proof of Stake (NPoS): A variant of PoS used by some blockchains where nominators support validators with their stakes, enhancing the network's security by involving multiple parties in the consensus process.

Proof of Authority (PoA): A consensus mechanism where a few pre-approved nodes, known as authorities, validate transactions and create new blocks. PoA is often used in private or consortium blockchains.

Proof of Burn (PoB): A consensus mechanism where miners "burn" (destroy) a certain amount of cryptocurrency by sending it to an unspendable address, providing them with the right to mine new blocks.

Proof of Elapsed Time (PoET): A consensus algorithm that uses trusted computing environments to ensure the random and fair assignment of block production rights, often used in permissioned blockchains.

Proof of History (PoH): A consensus mechanism that creates a historical record proving that an event has occurred at a specific moment in time, used to enhance the efficiency and throughput of the blockchain.

Proof of Importance (PoI): A consensus mechanism that considers various factors such as the amount of staked coins, transaction activity, and network participation to determine block validators, promoting active network engagement.

Proof of Space (PoSpace) / Proof of Capacity (PoC): A consensus mechanism where mining power is determined by the amount of disk space a miner allocates, making it more energy-efficient compared to PoW.

Proof of Stake (PoS): A consensus mechanism where validators are chosen to create new blocks and validate transactions based on the number of tokens they hold and are willing to "stake" as collateral.

Proof of Work (PoW): A consensus mechanism that requires network participants to perform computational work to solve complex mathematical problems, securing the network by making it costly to perform attacks.

Raft Consensus Algorithm: A consensus algorithm designed for managing a replicated log, ensuring consistency across distributed systems by electing a leader node to manage the replication process.

Tendermint: A BFT consensus algorithm used in blockchain networks that ensures instant finality, high throughput, and robust security, suitable for both public and private blockchains.

Virtual Voting: A consensus mechanism where nodes virtually vote on the validity of transactions without physically transmitting their votes, reducing communication overhead and improving scalability.