Blockchain Consensuses Algorithms Based on Proof of Work: A Comparative Analysis
This paper is addressing the comparison of proof of work to the alternatives that are either hybrid with the proof of work or work as the same way as it. The algorithms that satisfies these criteria was proof of capacity, proof of activity, and trinity consensus algorithm. The research was conducted to specify which consensus algorithm has provided a better enhancement for the limitations of proof of work consensus algorithm. Current investigation focused on the enhancements in energy and electricity consumption, possibility of majority attack, and the efficiency of the cryptographic algorithm within each of the selected consensus algorithm. Results of the comparison showed that trinity consensus algorithm has achieved 25.01% better hardware energy consumption, and better scalability by 400% bigger block size, 128571.4% more transaction rate, instant block and transaction times, and 33.3% less confirmations. While having the maximum costs of maintaining the majority of the network resources but it recorded the lowest efficiency of encryption algorithm of 527 ms run time, 76.4 CPU utilization, and 4.357 memory utilization. From the given results we can conclude that the trinity consensus algorithm is a great alternative that could enhance the Proof of Work Blockchain limitations impressively, and it could one day dominate the world of Blockchain as more efficient alternative to Proof of work.