Author Topic: Whats with all these consensus algorithms?  (Read 31 times)

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Whats with all these consensus algorithms?
« on: November 08, 2018, 11:15:05 AM »
Would it be an exaggeration to say that we are bombarded with new algorithms everyday! Its like people sleep and come with an idea that has a slight difference, and boom there you go another algorithm.
Proof of Work (PoW) is the original of all the consensus algorithms. Of course it isn't perfect because of its power consumption problem but the solutions that are offered to solve are as insane as it could be.

Proof of Burn: They say through this the coins are distributed in more decentralized manner than PoW because of ASIC mining but there solution is to burn the coins and waste the resources? Amazing.
Proof of Elapsed Time : It seems all fun that every node will get its fair chance at mining rights but what happens when a malicious node has the shortest time. Not to mention the high dependency on the hardware.
Proof of Stake: Should I even get started on that??
I mean you got my point, I wanted to write about everything but I guess I am already bored.
What do you think? Also, don't take offence it was just my opinion!