Proof-of-Elapsed-Time (PoET)

Proof-of-Service (PoSer)

Proof-of-Burn (PoB)

Raft consensus

Federated consensus

Proof-of-activity (PoAct)

Proof-of-capacity (PoC)

Proof-of-importance (PoImp)

These consensus models are explained in the next section.

Algorithms of consensus

A distributed decentralized network that provides immutability, privacy,

security, and transparency is blockchain. Every transaction in the

blockchain is completely secured and verified even when there is no central

authority present to validate and verify the transactions. A core part of any

blockchain network, which is the consensus protocol, makes this possible.

The consensus algorithm is the procedure used by all peers of the

blockchain network to reach a common agreement about the present state of

the distributed ledger. In this way, in a distributed computing environment,

the consensus algorithms achieve reliability in the blockchain network and

establish trust between unknown peers. Every new block that is added to the

blockchain is the one and the only version of the truth that is agreed upon

by all the nodes in the blockchain is made sure by the consensus protocol.

In the consensus process, the blockchain consensus protocol has specific

obj ectives, which include coming to an agreement, collaboration,

cooperation, equal rights to every node, and mandatory participation of

each node. The aim of a consensus algorithm is thus to find a common

agreement that is a win for the entire network.

We now discuss the various consensus algorithms available together with

their work.

Proof of Work (PoW)