Abstract
Blockchain is the foundation of cryptocurrencies and many other industries such as healthcare, supply logistics, and so on. It is a system of distributed ledger that is now attracting lot of research attention. Peer-to-peer and cryptography technologies are essential components of blockchain, as are consensus procedures that ensure blockchain systems’ transparency, decentralization, and security. The Proof of Work (PoW) consensus protocol is now adopted by most blockchain systems, although other variations are available. We examine PoW and its six variants and analyze their pros, cons, scalability, maintenance cost, block generation time, transaction cost, energy consumption, validator selection criteria, mining profitability, and 51% attack in this study.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Nakamoto S (2008) Bitcoin: a peer-to-peer electronic cash system. Decentralized business review 21260
Zheng Z, Xie S, Dai H, Chen X, Wang H (2017) An overview of blockchain technology: architecture, consensus, and future trends. In: 2017 IEEE international congress on big data (BigData congress). IEEE, pp 557–564
Rani P, Balyan A, Jain V, Sangwan D, Singh PP, Shokeen J (2020) A probabilistic routing-based secure approach for opportunistic IoT network using blockchain. In: 2020 IEEE 17th India council international conference (INDICON). IEEE, pp 1–7
Khanna A, Rani P, Sheikh TH, Gupta D, Kansal V, Rodrigues JJPC (2021) Blockchain-based security enhancement and spectrum sensing in cognitive radio network. Wireless Pers Commun 1–23
Rani P, Jain V, Joshi M, Khandelwal M, Rao S (2021) A secured supply chain network for route optimization and product traceability using blockchain in internet of things. In: Data analytics and management. Springer, pp 637–647
Rani P, Jain V, Saif M, Mugloo SH, Hirna M, Jain S (2022) Improving accuracy of deep learning-based compression techniques by introducing perceptual loss in industrial IoT. In: International conference on innovative computing and communications. Springer, pp 61–69
Rani P, Shokeen J, Agarwal A, Bhatghare A, Majithia A, Malhotra J (2022) Credit card fraud detection using blockchain and simulated annealing k-means algorithm. In: International conference on innovative computing and communications. Springer, pp 51–59
Qin K, Gervais A (2018) An overview of blockchain scalability, interoperability and sustainability. Hochschule Luzern Imperial College London Liquidity Network
Antonopoulos AM (2014) Mastering bitcoin: unlocking digital cryptocurrencies. O’Reilly Media, Inc
Zhang R, Xue R, Liu L (2019) Security and privacy on blockchain. ACM Comput Surv (CSUR) 52(3):1–34
Tidei M, Affolter DM, Lorenz SP (2018) Vrenelium whitepaper v1.1 01.08.2018. Available at https://www.vrenelium.com/whitepaper.pdf (2021/11/12)
Lashkari B, Musilek P (2021) A comprehensive review of blockchain consensus mechanisms. IEEE Access 9:43620–43652
The Lynx Team (2019) Technical white paper 1.1. White paper. Available at http://cdn.getlynx.io/2019-03-17_Lynx_Whitepaper_v1.1.pdf (2021/11/12)
The Verium Team. Verium the reserve: the world’s first CPU mineable digital commodity. Available at https://vericoin.info/verium-digital-reserve/ (2021/11/12)
Komodo Team. Komodo: an advanced blockchain technology, focused on freedom. Available at https://cryptorating.eu/whitepapers/Komodo/2018-02-14-Komodo-White-Paper-Full.pdf (2021/11/12)
Komodo Team. The Komodo: documentation orientation. Available at https://developers.komodoplatform.com/basic-docs/start-here/core-technology-discussions/delayed-proof-of-work.html#ad-foundational-discussion-of-blockchain-security (2021/11/12)
The HDAC Team. HDAC: transaction innovation—IoT contract M2M transaction platform based on blockchain. Available at https://github.com/Hdactech/doc/wiki/Whitepaper (2021/11/12)
Voulgaris S, Fotiou N, Siris VA, Polyzos GC, Jaatinen M, Oikonomidis Y (2019) Blockchain technology for intelligent environments. Future Internet 11(10):213
Oncescu O. Purple protocol—a scalable platform for decentralized applications and tokenized assets. Available at https://purpleprotocol.org/whitepaper (2021/11/12)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
About this paper
Cite this paper
Rani, P., Bhambay, R. (2023). A Comparative Survey of Consensus Algorithms Based on Proof of Work. In: Dutta, P., Chakrabarti, S., Bhattacharya, A., Dutta, S., Piuri, V. (eds) Emerging Technologies in Data Mining and Information Security. Lecture Notes in Networks and Systems, vol 491. Springer, Singapore. https://doi.org/10.1007/978-981-19-4193-1_25
Download citation
DOI: https://doi.org/10.1007/978-981-19-4193-1_25
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-19-4192-4
Online ISBN: 978-981-19-4193-1
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)