When you are new to cryptocurrency, things can be complicated at first, but don’t worry! We’ve all been there. It’s important to start by understanding the basics step by step. At first, the technical concepts may seem overwhelming, but with time and practice you will become more familiar with what’s going on behind the scenes.
For example, the terms consensus mechanisms, proof of stake, are the methods used by blockchain networks to document and confirm transactions in a decentralized manner. These mechanisms help protect the network from tampering and ensure fairness among users. Consensus mechanisms help maintain security and transparency within cryptocurrency systems and achieve rewards.
Here is a complete list of consensus mechanism terms with the names of the most popular operators or networks using each mechanism as of 11-24-2024:
List of the most popular consensus mechanisms, each with its own advantages and disadvantages:
1. PoW - Proof of Work 🔨
- Most popular operators: Bitcoin, Litecoin, Bitcoin Cash
2. PoS - Proof of Stake 💰
- Most popular operators: Ethereum 2.0, Cardano, Polkadot
3. DPoS - Delegated Proof of Stake 👥
- Most popular operators: TRON, Steem, EOS
4. PoA - Proof of Authority 🛡️
- Most popular operators: VeChain, Private Ethereum
5. PoB- Proof of Burn 🔥
- Most popular operators: Slimcoin, Counterparty
6. PoC - Proof of Capacity 🗄️
- Most popular operators: Burstcoin
7. PoT - Proof of Time ⏳
- Most popular operators: Temporal Blockchain (under development)
8. PoH - Proof of History 📜
- Most popular operators: Solana
9. PoL - Proof of Luck 🍀
- Most popular operators: Project-X (in R&D)
10. PoST - Proof of SpaceTime 🌌
- Most popular operators: Filecoin, Chia
11. PoR - Proof of Reputation 🌟
- Most popular operators: Lisk, Bitshares
12. PoS-Time - Proof of Stake Time ⏱️
- Most popular operators: Nxt
13. PoW/PoS hybrid - Hybrid Proof of Work and Proof of Stake ⚡
- Most popular operators: Ethereum Classic, Horizen
14. PoV - Proof of Voting 🗳️
- Most popular operators: Decred
15. PoI- Proof of Importance 💡
- Most popular operators: NEM (New Economy Movement)
16. DAG - Directed Acyclic Graph 🌐
-Most popular operators: IOTA, Hedera Hashgraph, Nano
Need more details about a particular mechanism or network? Search for yourself📖 Your time is not better than mine ⌛
Do you want more details about any term or concept? Search yourself I am not a father🥸
