Comparison of Top 10 Well-Known Blockchain Consensus Algorithms

In a blockchain network, it is necessary to run a consensus algorithm to make the network secure and work properly. While many blockchain applications are developed in various fields from industries to financial purposes, it is vital to understand the insight of the fundamentals of consensus algorithms and its variants to measure these applications’ applicability. There are several consensus algorithms and each of these algorithms have different performance and security features. There is no consensus algorithm to ensure the best performance for every application. Therefore, different blockchain platforms and their consensus algorithms from the top 10 layer 1 chains listed on Coinmarketcap have chosen to benchmark these consensus algorithms. We have compared these consensus algorithms to point out their own characteristics pros and cons by the aspects of maximum transaction per second (max TPS), time of transaction finality (Tx Finality), tolerance for attacks, centralization, number of validators, transaction cost (Tx Cost) and hardware costs of its nodes. Considering the consensus of top 10 well-known blockchains in coinmarketcap, their performance relative to each other will be evaluated.