The consensus mechanism is the core issue of the blockchain and Dogecoin mining. To simplify it, the consensus mechanism is the accounting method of the blockchain. This article will understand the blockchain consensus mechanism and the principle of Dogecoin mining and BTC Mining and the DPoS consensus mechanism.
What is the blockchain consensus mechanism?
Blockchain is a distributed accounting system. Compared with centralized accounting platforms, the most critical issue is the consistency of each node's accounting. For example, if there are 1,000 dollars in the small bank account if 100 dollars is used, the bank's centralized database can subtract 100 from the small account. However, there is no centralized database record for transactions on the blockchain. The ledger is recorded by each node. In order to ensure that the results recorded by each node are in agreement, a certain agreement needs to be followed. This agreement is a consensus mechanism, and different blockchains that follow the agreement is different.
The distributed transaction ledger needs to be safe, clear and irreversible in the shortest possible time, so as to provide the most solid and decentralized system. Practically, the Dogecoin mining and BTC Mining process is divided into two aspects: selecting a unique node to generate a block and making the transaction ledger irreversible.
What are the common consensus mechanisms?
Representative public chain: Bitcoin Mining, Dogecoin Mining, Litecoin
The PoW consensus mechanism, as the name suggests, is to prove your contribution value through the workload. The Bitcoin network adopts this consensus mechanism, which can be simply understood as that everyone solves the same mathematical problem together, and the person who calculates it first has the right to bookkeeping and can obtain corresponding rewards. This reward is generated by the network. The BTC mining, other people need to synchronize this ledger. The difficulty of the entire bookkeeping will be adjusted according to the changes in the computing power of the entire network. Bitcoin mining produces one block approximately every ten minutes.
The PoW consensus mechanism realizes that accounts can be kept without a centralized management organization, preventing the opportunity for centralized organizations to do evil. The right to bookkeeping and rewards are determined by the workload. In the initial stage, everyone can participate in the bookkeeping, achieving fairness and justice. However, with the emergence of mining machines and competitive development in the later period, energy wastage and low efficiency were resisted by many countries. Many public chains, including the largest application public chain, Ethereum, chose to switch to PoS (Proof-of-staking).
PoS (Proof-of-staking consensus mechanism)
Representative public chains: Diandiancoin, Solana, Avalanche
PoS was first implemented in August 2012 by PPCoin (PPC for short). PPC introduced the concept of coinage in terms of the difficulty of a hashing operation. 1 coin \* 1 day = 1 coin day, the higher the coin day, the less difficult the bookkeeping competition is.
Unlike PoW, the core of the PoS consensus mechanism is the currency in the network, and its security comes from the value of the mortgage economy. Compared with the PoW consensus mechanism, the PoS consensus mechanism is more efficient and greener, and will not cause waste of resources. However, the PoS consensus mechanism allocates bookkeeping rights according to who holds more coins. Centralization and security are usually the flaws that it has been criticized for.
However, many new PoS public chains now adopt PoS and have made corresponding innovations in the consensus algorithm. For example, the Solana public chain allows each validator to maintain its own clock and timestamp events; each newly proposed block by avalanche both are randomly broadcast to multiple nodes including Dogecoin mining and BTC mining, and ask questions to determine which blocks should be considered valid.
DPoS consensus mechanism (Delegated Proof of Stake share authorization certification mechanism)
Representative public chains: EOS
The DPoS consensus mechanism is a kind of PoS consensus mechanism. It requires holding a certain amount of cryptos to become a supernode of the blockchain. Each holder has the right to vote, and each node undertakes the obligation to produce blocks to obtain nodes. If the Dogecoin mining node fails to complete the block production obligation on time or the number of votes is not enough for the minimum standard, it will be delisted and replaced by the candidate node.
Users can vote to obtain revenue. The BTC mining network can reach a transaction speed of 10,000 transactions per second.
PoA consensus mechanism (Proof-of-authority authority consensus proof mechanism)
Representative public chains: Ronin
In the PoA consensus mechanism, there can be an unlimited number of nodes, but the number of validators is limited. The node mainly synchronizes the information of the blockchain ledger, and the verifier (authority) is responsible for verifying transactions and packaging blocks.
In fact, there is no obvious distinction between each consensus mechanism and Dogecoin Mining and BTC mining. In different time backgrounds and usage scenarios, a suitable consensus mechanism is a good consensus mechanism. It is undoubtedly the best method to give priority to the PoA consensus mechanism and then switch to the DPoS consensus mechanism.