A Review of Research on Blockchain Consensus Mechanisms and Algorithms

Blockchain technology is a distributed ledger technology whose core mechanism is the consensus mechanism. Consensus mechanism refers to the method of reaching agreement through collaboration and competition among participants in a distributed network. And the algorithm is the specific steps and rules to realize the consensus mechanism. This paper reviews and studies the blockchain consensus mechanism and algorithm. It begins by introducing the development background and application scenarios of blockchain technology. Blockchain technology has gained attention due to the rise of digital currencies and has been widely used in industries such as finance and IoT. Next, we elaborate on some common blockchain consensus mechanisms. Currently, there are several consensus mechanisms, including Proof of Work, Proof of Stake, and Delegated Proof of Stake. Each method has unique characteristics, so it is crucial to choose the most suitable one based on the usage environment. Next, the research progress of blockchain consensus algorithms is discussed. Along with the rapid progress of blockchain technology, numerous consensus algorithms have been introduced and practically utilized. These algorithms are able to ensure data consistency and security in distributed networks. This paper discusses the challenges and future development direction of blockchain consensus mechanisms and algorithms.

I. Introduction

Since 2008, when Satoshi Nakamoto wrote ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, blockchain has increasingly become the focus of computer science research [1], from the release of bitcoin in 2008 to the release of ethereum in 2013 marking the blockchain’s entry from 1.0 to 2.0, with the continuous progress of the research, the sidechain technology rise, the proposal of sharding technology, and the implementation of cross-chain interoperability also mean that blockchain enters the 3.0 era, and with the hot momentum of the meta-universe, blockchain also enters the peak of development. As a disruptive technology, blockchain 3.0 has already sparked extensive academic and commercial interest worldwide in recent years due to its unique features of decentralization, traceability, tamper-proofing, and privacy protection. First, the research on Blockchain 3.0 has great academic value, covering many key innovations, such as sharding and sidechain technology, privacy protection, and cross-chain interoperability, which provides scholars with a broad and profound field of research that can promote the common progress of multiple disciplinary fields, such as computer science, cryptography, and distributed systems. Secondly, at the commercial level, blockchain 3.0 can be widely used in the fields of Internet of Things (IoT), healthcare, agriculture, etc., realizing many enterprise-level applications and solving real-life problems, which is crucial for realizing the digital transformation of enterprises and improving competitiveness in the industry. As a distributed and decentralized digital ledger, its internal consensus mechanism has become an important part.This paper conducts a statistical analysis and comprehensive overview of consensus algorithms, comparing their throughput speeds, network scalability, security against various attacks, database centrality, and the amount of resources required. The aim is to provide a comprehensive understanding of each algorithm. The language used is clear, objective, and value-neutral, with a formal register and precise word choice. The text adheres to conventional structure, including common academic sections and maintaining regular author and institution formatting. The structure is clear with a logical progression and causal connections between statements. The text is free from grammatical errors, spelling mistakes, and punctuation errors. No changes in content have been made.