MBCP: Performance Analysis of Large Scale Mainstream Blockchain Consensus Protocols

As Blockchain innovation picks up popularity in many areas, it is frequently hailed as a sound innovation. Because of the decentralization and encryption, many imagine that data put away in a Blockchain is and will consistently be protected. Among various abstraction layers of Blockchain architecture, the consensus layer is the core component behind the performance and security measures of the Blockchain network. Consensus mechanisms are a critical component of a Blockchain system’s long-term stability. Consensus forms the core of blockchain technology. Therefore, a range of consensus protocols has been introduced to maximize Blockchain systems’ efficiency and meet application domains’ individual needs. This research paper describes the layered architecture of Blockchain. A comprehensive review of mainstream consensus protocols mainly Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Activity (PoA) is presented in the paper. These mainstream consensus protocols have been explained and detailed performance analysis of these consensus protocols has been done. We have proposed a performance matrix of these consensus protocols based on different parameters like Degree of decentralization, Latency, Fault Tolerance Rate, Scalability, etc. Consensus protocols being the core of a strong fault-tolerant secured blockchain system, the proposed work intends to help inappropriate protocol selection and further research on strengthening trust and ownership in the technology. Depending upon different parameters like decentralization which is low in POA compared to other protocols, whereas POW is non-scalable, so depending on the priority of a particular performance parameter, the paper will help in the selection of a specific protocol.