A Survey of Distributed Consensus Protocols for Blockchain Networks
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Since the inception of Bitcoin, cryptocurrencies and the underlying blockchain technology have attracted an increasing interest from both academia and industry. Among various core components, consensus protocol is the defining technology behind the security and performance of blockchain. From incremental modifications of Nakamoto consensus protocol to innovative alternative consensus mechanisms, many consensus protocols have been proposed to improve the performance of the blockchain network itself or to accommodate other specific application needs. In this survey, we present a comprehensive review and analysis on the state-of-the-art blockchain consensus protocols. To facilitate the discussion of our analysis, we first introduce the key definitions and relevant results in the classic theory of fault tolerance which helps to lay the foundation for further discussion. We identify five core components in a blockchain, namely, block proposal, block validation, information propagation, block finalization, and incentive mechanism. Various blockchain consensus protocols are then compared and analyzed using the five-component analysis framework. These analyses provide us new insights in the fundamental differences of various proposals in terms of their suitable application scenarios (i.e. key assumptions), expected fault tolerance, scalability, and drawbacks. We believe this survey will provide blockchain developers and researchers a comprehensive view on the state-of-the-art consensus protocols and facilitate the process of designing future protocols.
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