During every view, the leading node is changed, and if a certain

amount of time has passed without the leading node broadcasting the

request, it can be replaced with a protocol called a view change.

Determined by a supermaj ority of honest nodes, the leader is replaced

with the next leader in line when it is faulty.

Proof of Stake (PoS)

An alternative to PoW, the PoS consensus, is now used by Ethereum.

In this consensus algorithm, validators invest in the coins of the

system by locking up some of their coins as a stake instead of

investing in expensive hardware to solve a complex puzzle. After that,

if they discover a block that they think can be added to the chain, all

the validators will start validating the blocks by placing a bet on it.

Based on the actual blocks added in the blockchain, all the validators

get a reward proportional to their bets, and their stake increases

accordingly. A validator is chosen to generate a new block based on

their economic stake in the network at the end. An incentive

mechanism encourages the PoS validators to reach an agreement.

Proof of Burn (PoB)

Instead of investing in expensive hardware equipment, the validators

in this algorithm “burn” coins by sending them to an address from

where they are irretrievable. Based on a random selection process, the

validators earn a privilege to mine on the system by committing the

coins to an unreachable address. The meaning of burning coins here is

that the validators have a long-term commitment in exchange for their

short-term loss.

Depending on how the PoB is implemented, the miners may burn the

native currency of the blockchain application or the currency of an

alternative chain, such as bitcoin. With more coins they burn, the

better will be their chances of being selected to mine the next block.

An interesting alternative to PoW, PoB still wastes resources

needlessly, and it is also questioned that mining power simply goes to

those who are willing to burn more money.

Proof of Capacity (PoC)

Instead of investing in expensive hardware or burning coins, the

validators in this consensus algorithm are supposed to invest their hard