The Different Types of blockchain consensus mechanisms

Epilogue

Since the creation of blockchain technology, we have seen many organizations and platforms being formed on in the system and with more users in a blockchain requires more chances to it. In support of this, different types of blockchain consensus was created to tackle delay time of mining new cryptocurrencies and so lots more. Today I'll be sharing to you all the 4 different types of consensus mechanisms used in different blockchains today.

• Proof Of Work

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Proof of work also known as PoW is the first blockchain consensus mechanism to created. It's a mining process that involves the use of miners (nodes) that solve complicated mathematical puzzles for the created of more cryptocurrencies. Some factors have to be taken up before mining starts, A nodes requires high computational power, GPU and CPU processor and so much more. After the a node solves the puzzle, it'll be rewarded with the tokens in mining.

• Proof of Stake

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Proof of stake also known as PoS make use of a occurring process to give access to whom will produce the next block. This process requires users to lock up their tokens for some time in order to become a validator. The validator can now be able to produce new blocks. The more coin a user staked can influence his odds of creating a new block.

Validators are likely to be rewarded for their effort and it covers most of the transaction fees used. They may receive a certain amount of coins due to inflation. With this in Mind, PoS method offers incentives to validators for maintaining the blockchain network. Proof of stake is more energy efficient than most other consensus mechanisms.

• Delegated Proof of Stake

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In this type of mechanism, users stake their tokens and vote for other stakers. The amount of user's vote can influence their stakinga. For example, if user 'A' stakes 30 coins for a delegate and another user 'B' stakes 4, than A's vote will be of more weight to that of 'B'. The delegates that gets the highest votes will be the one to produce new blocks on the blockchain. The delegates receives rewards just like other mechanisms does.

This mechanisms is one of the fastest because of it ability to process high number of transactions as compared to Proof Of work. Because of the voting process, DPOS is also referred to as a digital democracy.

• Proof of brain

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This is a new type of consensus mechanisms that involves people creating social media contents on a Decentralized platform to receive authors and curation rewards in form of mining. Steem is the first blockchain to create use this method and it's decentralized platform "steemit.com" allows users to publish any quality contents for votes.

There are two ways to earn in this consensus mechanisms, the first being a curator, which defines as a person that votes author's post to receive rewards. In order to become a curator you need influence in the platform and staking your tokens is a way to do that. The second is being an active writer, the more quality if your post, the more likely for it to be voted.

Conclusion
The Different Types of blockchain consensus mechanisms all have different purposes and functions, that's why all blockchain can't use the same mechanism due to the nature of their networks. If I may ask, which blockchain do you prefer?