Giang-Truong Nguyen, Kyungbaek Kim, Journal of Information Processing Systems Vol. 14, No. 1, pp. 101-128, Feb. 2018  

10.3745/JIPS.01.0024
Keywords: Blockchain, Consensus Algorithm
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Abstract

Thanks to its potential in many applications, Blockchain has recently been nominated as one of the technologies exciting intense attention. Blockchain has solved the problem of changing the original low-trust centralized ledger held by a single third-party, to a high-trust decentralized form held by different entities, or in other words, verifying nodes. The key contribution of the work of Blockchain is the consensus algorithm, which decides how agreement is made to append a new block between all nodes in the verifying network. Blockchain algorithms can be categorized into two main groups. The first group is proof-based consensus, which requires the nodes joining the verifying network to show that they are more qualified than the others to do the appending work. The second group is voting-based consensus, which requires nodes in the network to exchange their results of verifying a new block or transaction, before making the final decision. In this paper, we present a review of the Blockchain consensus algorithms that have been researched and that are being applied in some well-known applications at this time

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