Mathematical puzzle what it is?

Algorithm implementation in blockchain

Consensus algorithm PoW – its disadvantages

Objectives

The obj ectives of this chapter are to describe the consensus models in the

blockchain—

algorithm, mechanism, and method. An understanding of the

consensus algorithms in the blockchain—

PoW, PBFT, PoS, PoB, PoC, and

PoET is provided. The consensus models protocol names are included.

Further explained are the mechanism and method of consensus. Further, the

Proof of Work, PBFT, PoS, PoB, PoC, and PoET consensus models are

described, and an understanding of the meaning of a “mathematical puzzle”

is provided. The mechanism and method of consensus are explained. How

an algorithm is implemented in blockchain and the disadvantages of the

PoW consensus algorithm are also discussed.

Consensus models

The process of achieving an agreement on the validity of a state within a

distributed system is consensus. The nodes in the network have the option

to decide whether to include a broadcasted new transaction to their ledger

and to the network or ignore it. An agreement or consensus is said to be

achieved when a maj ority of nodes in the network decide on a single state.

A key aspect of blockchain technology is to determine which user publishes

the next block, and it is solved by implementing one of the many consensus

models.

The consensus pillar is an important consideration for the blockchain

because:

The capability to run a transaction in a trustless environment involving

as many nodes as possible is offered by blockchain. To conclude and

process any transaction, a consensus among all the players is needed.

The transactions get stalled in the absence of a consensus.

The consensus model defines its security by maintaining consistency

across the shared state of the blockchain.