Blockchain Technology Explain: Other Consensus Algorithms

in #blockchain2 years ago

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Pixabay

These were the major ones. Now let's see how other algorithms are doing.

  • Proof-of-activity

It's a hybrid protocol system. It uses both PoS and PoW to ensure the reward points are on time. When they solve a puzzle, they'll use PoW, after that it's all about PoS.

  • Proof-of-Importance

NEM developed this one. They wanted to create a protocol that will also reward based on network activity not only transactions. This means users that frequently send and receive transactions will get paid for that.

  • Proof-of-capacity

Using this protocol you can utilize the capacity or storage space of your hard drive. The more storage you have, the more blocks you'll be able to mine and then get rewarded.

  • Proof-of-Burn

Burn your coins and rewarded. This is a rather odd one. Any user that sends the coins back into their wallet that they can't recover from will get rewards based on the amount.