Blockchain consensus algorithms Present Trends : voting Based Consensus

Voting-based consensus is a decentralized decision-making process where network participants, often referred to as nodes, exchange their results of verifying a new block or transaction before making a final decision on its validity. This consensus mechanism relies on the principle of majority agreement among nodes to determine the correctness of transactions and the ordering of blocks in the blockchain. Let's delve deeper into how voting-based consensus works:

How Voting-based Consensus Works:

1. Block Proposal: A node in the network proposes a new block containing a batch of transactions. This node is typically referred to as the proposer or block producer.
2. Verification by Nodes: Upon receiving the proposed block, other nodes in the network independently verify the validity of the transactions within the block. Verification involves checking the cryptographic signatures, transaction validity, and adherence to consensus rules.
3. Exchange of Results: Nodes that have completed the verification process exchange their results with each other. This typically involves broadcasting their decision on whether they consider the proposed block valid or invalid.
4. Consensus Determination : Based on the results received from other nodes, each node evaluates the overall sentiment of the network regarding the proposed block. and If a node receives a threshold majority of positive (valid) votes from its peers, it accepts the proposed block as valid and adds it to its local copy of the blockchain. Conversely, if the consensus threshold is not met, the block is rejected.
5. Once a block has been accepted by a sufficient majority of nodes and appended to the blockchain, it is considered final, and subsequent blocks build upon it.

Key Features of Voting-based Consensus:

1. Decentralization: Voting-based consensus enables decentralized decision-making, as each node in the network has an equal opportunity to participate in the verification process and influence the final outcome.
2. Resilience to Faults: By requiring a threshold majority of nodes to agree on the validity of a block, voting-based consensus can tolerate the presence of a certain number of faulty or malicious nodes in the network.
3. Transparency: The exchange of verification results among nodes promotes transparency, as the decision-making process is visible to all participants in the network.
4. Adaptability: Voting-based consensus mechanisms can be adapted to different blockchain architectures and use cases by adjusting parameters such as the consensus threshold, quorum rules, and network topology.

Voting-based Consensus Mechanisms Examples :

1. Practical Byzantine Fault Tolerance (PBFT)

PBFT is a voting-based consensus algorithm used in permissioned blockchain networks, where nodes exchange messages and reach agreement on the ordering of transactions through a series of rounds of voting.

2. Delegated Proof of Stake (DPoS)

DPoS is a variant of voting-based consensus used in some blockchain networks, where token holders vote to elect a limited number of delegates who are responsible for validating transactions and producing blocks.

3. Proof of Authority (PoA)

PoA is another example of a voting-based consensus mechanism used in permissioned blockchain networks, where a limited number of trusted authorities participate in the block validation process and collectively reach consensus through voting.

4. Ripple Protocol Consensus Algorithm (RPCA)

The Ripple Protocol Consensus Algorithm (RPCA) is the consensus mechanism used by the Ripple network to achieve distributed consensus and validate transactions. Unlike traditional proof-of-work (PoW) or proof-of-stake (PoS) mechanisms, RPCA is a federated Byzantine agreement (FBA) algorithm designed for use in a permissioned network environment.

5. Tendermint consensus?

Tendermint is a Byzantine Fault Tolerant (BFT) consensus algorithm and software framework that is often used in permissioned blockchain networks. It was developed by the team behind the Cosmos Network to provide a robust and efficient consensus mechanism for blockchain applications.?

6. Verifiable Byzantine Fault Tolerance (VBFT)

Verifiable Byzantine Fault Tolerance (VBFT) is a consensus mechanism introduced by the Ontology blockchain platform. It combines aspects of Byzantine Fault Tolerance (BFT) with verifiable random function (VRF) to achieve consensus among a group of selected nodes in a permissioned network setting. VBFT is designed to provide high throughput, low latency, and Byzantine fault tolerance while maintaining security and decentralization.?

7. Istanbul Byzantine Fault Tolerance (IBFT)

Istanbul Byzantine Fault Tolerance (IBFT) is a consensus algorithm introduced by the Ethereum community as part of the Istanbul hard fork upgrade in December 2019. IBFT is an enhancement of the traditional Byzantine Fault Tolerance (BFT) consensus algorithm, specifically tailored for permissioned blockchain networks. It aims to provide high throughput, low latency, and Byzantine fault tolerance while maintaining decentralization and security.

8. Delegated Byzantine Fault Tolerance (dBFT)

Delegated Byzantine Fault Tolerance (dBFT) is a consensus mechanism introduced by the NEO blockchain platform. It is an adaptation of the Byzantine Fault Tolerance (BFT) consensus algorithm, with the addition of a delegated mechanism to enhance scalability and efficiency. dBFT is designed to achieve consensus among a group of elected nodes, known as bookkeeping nodes or consensus nodes, in a permissioned network setting.?

In summary, voting-based consensus is a fundamental mechanism for achieving agreement and validating transactions in decentralized blockchain networks. It promotes decentralization, transparency, and fault tolerance by enabling nodes to exchange verification results and collectively determine the validity of proposed blocks.