Every blockchain technology is different. They all use different consensus algorithms to make their platform better than one another. So they have vital importance in the network.
Without further ado, below are a few of them;
- Proof-of-work (PoW)
It was the first one to be introduced to the world, that's why it's so much popular than other Consensus protocols. In this Protocol, when a user initiates a transaction, 'miners' or supercomputers try to solve a problem or puzzle. This allows them to add blocks to the whole network. As a reward for working, they get a small transaction fee and a percentage of Blockchain tokens.
- Delegated Proof-Of-Stake (DPoS)
They are similar to proof-of-stake, but with a twist! Users with more coins will get to vote and elect Witnesses. So the only difference is the democratic view of the whole situation. If you participate in this voting system, you'll get reward points. It's the best way to get your hands on Cryptocurrencies.
- Leased Proof-Of-Stake (LPoS)
Waves deployed this PoS system. With this, you'll be able to make customized tokens and use them on your farm. The aim is to offer more security than the PoS system. The name "Leased" came to be because of the nature of the investments. You can lease out your coin to the network and then get reward points.
- Proof Of Elapsed Time (PoET)
PoET is similar to PoW. The difference is that it focuses more on power consumption. However, it needs special hardware equipment to run freely.
- Practical Byzantine Fault Tolerance (PBFT)
One of the leading platforms currently utilizes PBFT. Byzantine used a particular sequence to keep the rouge users at bay. It's entirely normal to have a few havoc users on any Blockchain platform. Better to be safe.