Crypto Consensus Methods: All You NEED To Know!!
Hey Guys,
I've noticed that I get a lot of comments asking about all the different consensus algorithms in cryptocurrency whenever I review one with a unique consensus (e.g. proof of work).
As you can see, I've decided to make a video unpacking over a dozen unique consensus algorithms and how they work.
I know this consensus stuff sounds super technical, but it's pretty easy to understand if you can grasp the concept of consensus.
It's also extremely important to know since each cryptocurrency consensus algorithm comes with its own pros and cons.
Cryptocurrency consensus algorithms generally fall into one of four categories: proof of work, proof of stake, proof of authority, or proof of space.
There is of course a bit of overlap between these categories, and some cryptocurrencies use more than one consensus algorithm.
There are also many different ways of doing proof of work, proof of stake, proof of authority, and proof of space.
Although I don't explain every single one of those here, I do cover the ones belonging to most of the biggest crypto projects.
I hope you find this topic as interesting as I did. Be sure to drop a comment at the end if you think there's an important crypto consensus algorithm I missed.
Enjoy!
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Bitcoin Proof of Work: https://www.investopedia.com/terms/p/...
► Dogecoin Auxiliary Proof of Work: https://deals.coinbureau.com/review/dog...
► Blockstack Proof of Transfer: https://docs.stacks.co/understand-sta...
► Helium Proof of Coverage: https://docs.helium.com/blockchain/pr...
► Original Proof of Stake: https://bitcointalk.org/index.php?top...
► Helium Proof of Stake: https://docs.helium.com/mine-hnt/vali...
► Solana Delegated Proof of Stake: https://docs.solana.com/cluster/synch...
► Algorand Pure Proof of Stake: https://developer.algorand.org/docs/g...
► Proof of Authority Explained: https://academy.binance.com/en/articl...
► Ronin Proof of Authority: https://whitepaper.axieinfinity.com/t...
► Theta “Delegated Proof of Authority”: https://docs.thetatoken.org/docs/what...
► Stellar Consensus Protocol: https://www.lumenauts.com/lessons/ste...
► Original Proof of Space: https://eprint.iacr.org/2013/796
► Chia Proof of Space And Time: https://www.chia.net/faq/
► Filecoin Proof of Replication, Proof of Spacetime: https://filecoin.io/blog/posts/what-s...
► Arweave Succinct Proofs of Random Access: https://www.arweave.org/technology
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
