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2021•2021 International Conference on Advances in Electrical, Computing, Communication and Sustainable Technologies (ICAECT)Requires access

Consensus Algorithms in Blockchain-Based Cryptocurrencies

Rameez Yousuf, Zubair Jeelani, Dawood Ashraf Khan, Owais Bhat, Tawseef Ahmed Teli

Open publisher page 9 citations

Abstract

Blockchain has been a breakthrough in the technology since the last decade and is anticipated as the go-to thing due to features presented by it. The features such as secure, immutable, transparent, and anonymous makes Blockchain technology the frontrunner in the untrustworthy distributed environment. The driving force behind the Blockchain technology are the consensus algorithms that are at the heart of any Blockchain technology. These algorithms determine the security and performance of any Blockchain. The most popular consensus algorithm is the Proof-of-Work which was first used in the Bitcoin. Since then, a number of consensus algorithms have been proposed. This paper presents a brief overview of the Blockchain Technology and popular cryptocurrencies based on Blockchain. Next, the most popular consensus algorithms in the context of Blockchain and cryptocurrencies are discussed.

About this research paper

What this paper is about

Blockchain has been a breakthrough in the technology since the last decade and is anticipated as the go-to thing due to features presented by it. The features such as secure, immutable, transparent, and anonymous makes Blockchain technology the frontrunner in the untrustworthy distributed environment. The driving force behind the Blockchain technology are the consensus algorithms that are at the heart of any Blockchain technology. These algorithms determine the security and performance of any Blockchain. The most popular consensus algorithm is the Proof-of-Work which was first used in the Bitcoin. Since then, a number of consensus algorithms have been proposed. This paper presents a brief overview of the Blockchain Technology and popular cryptocurrencies based on Blockchain. Next, the most popular consensus algorithms in the context of Blockchain and cryptocurrencies are discussed.

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OpenAlex reports 9 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

Blockchain has been a breakthrough in the technology since the last decade and is anticipated as the go-to thing due to features presented by it. The features such as secure, immutable, transparent, and anonymous makes Blockchain technology the frontrunner in the untrustworthy distributed environment. The driving force behind the Blockchain technology are the consensus algorithms that are at the heart of any Blockchain technology. These algorithms determine the security and performance of any Blockchain. The most popular consensus algorithm is the Proof-of-Work which was first used in the Bitcoin. Since then, a number of consensus algorithms have been proposed. This paper presents a brief overview of the Blockchain Technology and popular cryptocurrencies based on Blockchain. Next, the most popular consensus algorithms in the context of Blockchain and cryptocurrencies are discussed.

Key concepts: Blockchain, Cryptocurrency, Consensus algorithm, Computer science, Context (archaeology), Proof-of-work system, Computer security, Algorithm

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