A review on consensus algorithm of blockchain

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

Abstract: 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.