Proof of Work (PoW): PoW is the most well-known consensus algorithm used in blockchain technology. It involves miners competing to solve complex mathematical problems to validate transactions and create new blocks on the chain. The first miner to solve the problem receives a reward and the block is added to the chain.
Delegated Proof of Stake (DPoS): DPoS is similar to PoS, but instead of validators being chosen based on the amount of cryptocurrency they hold, they are elected by the community to validate transactions on their behalf.
Proof of Authority (PoA): In PoA, validators are selected based on their reputation, identity, and other factors. These validators are trusted entities, which are selected by the network's administrators to validate transactions.
Byzantine Fault Tolerance (BFT): BFT is a consensus algorithm designed to handle failures in a distributed system. It is used in permissioned blockchain networks where all the participants are known and trusted.
Practical Byzantine Fault Tolerance (PBFT): PBFT is an improvement over BFT, it reduces the number of messages exchanged between nodes to validate a transaction, increasing the speed and efficiency of the consensus process.
Federated Byzantine Agreement (FBA): FBA is a consensus algorithm used in permissioned blockchain networks where a group of trusted nodes, known as "quorum slices," validate transactions. It is similar to DPoS, but instead of having a fixed set of validators, the network participants can elect new nodes to validate transactions.
Proof of Elapsed Time (PoET): PoET is a consensus algorithm that uses a trusted execution environment (TEE) to randomly select a validator to create a new block on the chain. This method is more energy-efficient than PoW, but it requires specialized hardware.