Details

Autor(en) / Beteiligte

• Du Mingxiao
• Ma Xiaofeng
• Zhang Zhe
• Wang Xiangwei
• Chen Qijun

Titel

A review on consensus algorithm of blockchain

Ist Teil von

• 2017 IEEE International Conference on Systems, Man, and Cybernetics (SMC), 2017, p.2567-2572

Ort / Verlag

IEEE

Erscheinungsjahr

2017

Quelle

IEL

Beschreibungen/Notizen

• Blockchain is the basic technology of bitcoin. With the value appreciation and stable operation of bitcoin, blockchain is attracting more and more attention in many areas. Blockchain has the characteristics of decentralization, stability, security, and non-modifiability. It has the potential to change the network architecture. The consensus algorithm plays a crucial role in maintaining the safety and efficiency of blockchain. Using a right algorithm may bring a significant increase to the performance of blockchain application. In this paper, we reviewed the basic principles and characteristics of the consensus algorithms and analyzed the performance and application scenarios of different consensus mechanisms. We also gave a technical guidance of selecting a suitable consensus algorithm and summarized the limitations and future development of blockchain technology.