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Les Déchaînés has created a file to list the different techniques for securing blocks and transactions on a blockchain. Here are some examples. If you think there are some missing, don’t hesitate to contact us!
Proof of Work (PoW):
This is the original consensus algorithm used by Bitcoin and many other cryptocurrencies. In PoW, miners compete to solve complex mathematical problems to validate transactions and add new blocks to the blockchain. The first miner to solve the problem is rewarded with newly minted coins.
Proof of Stake (PoS):
In a PoS network, validators hold a certain amount of the cryptocurrency as a stake, and they are selected to validate transactions and add new blocks to the blockchain based on their stake. Validators are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions. PoS is used by cryptocurrencies such as Ethereum, Cardano, and Polkadot.
Delegated Proof of Stake (DPoS):
In a DPoS network, token holders vote for a smaller group of « witnesses » who are responsible for validating transactions and adding new blocks to the blockchain. Witnesses earn block rewards for their work, and token holders can earn rewards by voting for witnesses who they believe will act in the best interest of the network. DPoS is used by cryptocurrencies such as EOS and Tron.
Proof of Authority (PoA):
In a PoA network, validators are authorized by a central authority, which reduces the computational requirements of the network and allows for faster transaction processing. Those validators are selected based on their reputation or authority rather than their computational power or stake. Validators are typically trusted entities such as banks or large corporations. Validators are incentivized to act honestly because they risk losing their authority if they validate fraudulent transactions. PoA is also used by the GoChain cryptocurrency, the POA Network and Kovan.
Proof of Authority and Proof of Stake (PoA/PoS):
The Kovan testnet uses a PoA/PoS model, where validators are selected based on their reputation and their stake in the network, and must also stake a certain amount of cryptocurrency to participate.
Proof of Capacity (PoC):
In a PoC network, validators use their hard drive space rather than computational power to validate transactions and add new blocks to the blockchain. Validators « pre-mine » a certain amount of the cryptocurrency by filling their hard drives with random data, and they are selected to validate transactions based on the amount of hard drive space they have. PoC is used by cryptocurrencies such as Burstcoin and Chia.
Proof of Elapsed Time (PoET):
In a PoET network, validators are randomly selected to validate transactions and add new blocks to the blockchain. However, unlike PoW, validators do not compete to be the first to validate a block. Instead, each validator waits a random amount of time before attempting to validate a block, with the validator who waits the shortest amount of time being selected to validate the block. PoET is used by the Hyperledger Sawtooth blockchain platform.
Proof of Burn (PoB):
In a PoB network, users « burn » their cryptocurrency by sending it to an address where the coins become unspendable. In exchange, the user receives a reward in a different cryptocurrency. Burning coins reduces the overall supply, which can increase the value of the remaining coins. PoB is used by cryptocurrencies such as Counterparty and Slimcoin. Proof of Burn and Proof of Work (PoB/PoW): The Slimcoin V3 cryptocurrency uses a PoB/PoW model, where users must burn Slimcoins to participate in a PoW process.
Proof of Importance (PoI):
In a PoI network, validators are selected based on their importance to the network, which is determined by factors such as the number of coins held, the number of transactions made, and the length of time they have held their coins. Validators are incentivized to act in the best interest of the network because their importance score is reduced if they validate fraudulent transactions. PoI is used by the NEM cryptocurrency.
Proof of Reputation (PoR):
In a PoR network, validators are selected based on their reputation, which is determined by factors such as their history of contributions to the network and their participation in governance processes. Validators are incentivized to act in the best interest of the network because their reputation score is reduced if they validate fraudulent transactions. PoR is used by the Rebellious cryptocurrency. The DasCoin cryptocurrency also uses a PoR model, where validators are selected based on their reputation, which is determined by factors such as their compliance with regulatory requirements and their involvement in the network.
Proof of Space-Time (PoST):
In a PoST network, validators use their hard drive space and the amount of time that space has been dedicated to the network to validate transactions and add new blocks to the blockchain. Validators are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions. PoST is used by cryptocurrencies such as Filecoin.
Proof of Believability (PoB):
In a PoB network, validators are selected based on their « believability, » which is determined by factors such as their computational resources, their stake in the network, and their reputation. Validators are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions. PoB is used by the Algorand cryptocurrency.
Proof of Weight (PoWeight):
In a PoWeight network, validators are selected based on their « weight, » which is determined by factors such as their stake in the network and their reputation. Validators are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions. PoWeight is used by the 0xBitcoin cryptocurrency.
Proof of Activity (PoA):
In a PoA network, validators must participate in both a proof-of-work and a proof-of-stake process to validate transactions and add new blocks to the blockchain. Validators are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions. PoA is used by the Decred cryptocurrency. The Slimcoin V2 cryptocurrency also uses a PoAc model, where users must participate in both a PoW and a PoB process to validate transactions and add new blocks to the blockchain. Miners are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions.
Proof of Burn and Mint (PoBM):
In a PoBM network, users « burn » their cryptocurrency by sending it to an address where the coins become unspendable. In exchange, the user receives a reward in newly minted coins. Burning coins reduces the overall supply, which can increase the value of the remaining coins. PoBM is used by the Slimcoin cryptocurrency.
Proof of Capacity and Time (PoCaT):
In a PoCaT network, validators use their hard drive space and the amount of time that space has been dedicated to the network to validate transactions and add new blocks to the blockchain. Validators are selected based on the amount of hard drive space they have and the length of time that space has been dedicated to the network. PoCaT is used by the BHD cryptocurrency.
Proof of History (PoH):
In a PoH network, validators use a cryptographic hash function to record the entire history of the blockchain. This allows validators to verify that all transactions are valid without having to store the entire blockchain themselves. PoH is used by the Solana cryptocurrency.
Proof of Time and Space (PoTS):
The Chia cryptocurrency uses a PoTS model, where validators use their hard drive space and the amount of time that space has been dedicated to the network to validate transactions and add new blocks to the blockchain.
Proof of Space (PoS):
In a PoS network, validators use their hard drive space to validate transactions and add new blocks to the blockchain. Validators are selected based on the amount of space they have dedicated to the network. PoS is used by the Chia cryptocurrency.
Proof of Inactivity (PoIa):
In a PoIa network, validators are incentivized to remain inactive for long periods of time, which reduces the computational requirements of the network and lowers the energy consumption. Validators are rewarded for remaining inactive and are penalized if they become active. PoIa is used by the NIX cryptocurrency.
Proof of Identity (PoI):
In a PoI network, validators must prove their identity through a trusted third party, such as a government agency or a financial institution. Validators are incentivized to act honestly because they risk losing their identity verification if they validate fraudulent transactions. PoI is used by the SelfKey cryptocurrency. The Ontology cryptocurrency also uses a PoI model, where users must verify their identity in order to participate in the network as validators.
Proof of Activity and Proof of Identity (PoA/PoI):
The Vcash cryptocurrency uses a PoA/PoI model, where users must verify their identity in order to participate in the network as validators and must also participate in a PoA process.
Proof of Deposit (PoD):
The Chaincoin cryptocurrency uses a PoD model, where users must deposit a certain amount of cryptocurrency in order to participate in the network as validators.
Proof of Credit (PoCred):
The Creditbit cryptocurrency uses a PoCred model, where users are assigned a « credit score » based on factors such as the amount of cryptocurrency they hold, their transaction history, and their participation in the network. Validators are selected based on their credit score and are incentivized to act honestly because they risk losing their stake if they validate fraudulent transactions.
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