Version 1
: Received: 1 November 2022 / Approved: 4 November 2022 / Online: 4 November 2022 (01:47:09 CET)
How to cite:
Arcel, K.M.; Ogudo, K.K.; Bondo, E.M. Evolution of Blockchains based on the Architecture and Consensus Algorithms used on Blockchains. Preprints2022, 2022110085. https://doi.org/10.20944/preprints202211.0085.v1
Arcel, K.M.; Ogudo, K.K.; Bondo, E.M. Evolution of Blockchains based on the Architecture and Consensus Algorithms used on Blockchains. Preprints 2022, 2022110085. https://doi.org/10.20944/preprints202211.0085.v1
Arcel, K.M.; Ogudo, K.K.; Bondo, E.M. Evolution of Blockchains based on the Architecture and Consensus Algorithms used on Blockchains. Preprints2022, 2022110085. https://doi.org/10.20944/preprints202211.0085.v1
APA Style
Arcel, K.M., Ogudo, K.K., & Bondo, E.M. (2022). Evolution of Blockchains based on the Architecture and Consensus Algorithms used on Blockchains. Preprints. https://doi.org/10.20944/preprints202211.0085.v1
Chicago/Turabian Style
Arcel, K.M., Kinsgley KA Ogudo and Espoir MM Bondo. 2022 "Evolution of Blockchains based on the Architecture and Consensus Algorithms used on Blockchains" Preprints. https://doi.org/10.20944/preprints202211.0085.v1
Abstract
Blockchain technology has gotten much interest recently from academics, industry, and governments worldwide. It is regarded as a technical innovation that can disrupt various application fields affecting many aspects of our lives. Cryptocurrencies are a public blockchain application's success story that sparked extensive research and development. Scalability, energy consumption, and security, on the other hand, remain significant challenges. With low throughput, high transaction delay, and high energy consumption, most cryptocurrencies are experiencing low-efficiency difficulties. The scalability issue with public Blockchains is preventing organizations and sectors from receiving effective solutions. As a result, it is critical to bridge the gap and develop new frameworks that connect Blockchain with those goals. This paper examines the evolution of blockchain architecture and consensus protocols, provides a retrospective analysis, discusses the rationale for the various architectures and protocols' change, and captures the assumptions supporting their development and contributions to collaborative application development. However, existing research on consensus algorithms is insufficient. The features of the algorithms are discussed insufficiently in those papers, and some prominent blockchain consensus methods are not examined in terms of their scopes. The study’s findings are delivered in tabular formats, allowing for a clear representation of these algorithms. We discovered in our investigation that scalability is a result of many parameters such; transaction throughput, number of nodes, storage, block size, high communication, latency, cost. Furthermore, Due to its off-chain data storage and smaller block size, PoF is much more scalable than PoS and PoW, and Because PoA is a hybrid of PoW and PoC, it does not necessitate a large number of computational resources. As a result, it has a higher throughput than PoW. PoPF entails ranking all participating nodes and appointing n accountants to compete for adding new blocks. This article addresses the need by analyzing a wide range of consensus algorithms using a complete taxonomy of attributes and delving into the consequences of several still-present flaws in consensus algorithms.
Keywords
blockchain; throughput; consensus; energy consumption; scalability; security
Subject
Engineering, Electrical and Electronic Engineering
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
