Different consensus algorithms power Blockchain technology. It is the consensus algorithm of a given Blockchain that determines how nodes participate in sharing of the database of such Blockchain.
A growing trend within the Blockchain ecosystem is the combination of two or more consensus algorithms by solution providers. By doing so, Blockchain developers seek to employ the various strengths of different algorithms in order to achieve a more robust platform.
There is no perfect Blockchain
Previn Kutty, Blockchain solutions architect, notes that several consensus algorithms have been introduced on the Blockchain. These are proof of work, proof of stake, proof of service, proof of burn, proof of space, byzantine fault tolerance etc., all of them claiming to solve the cryptocurrencies / Blockchain challenges for decentralized control, low latency, flexible trust, less resource intensive, asymptotic security, etc.
However, it is now widespread knowledge that each of these algorithms has their particular areas of strength and weaknesses, a development that Kutty describes as a “one size doesn’t fit all” scenario.
Kutty tells Cointelegraph:
“There is the lingering question of one size consensus doesn’t fit for all, as each Blockchain app has their own challenges and the entire Blockchain community is exploring new opportunities for everyday consensus challenges, which is good as it promises more and more opportunities for technological development in consensus arena.”