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What are the consensus mechanisms of blockchain? What are their relations with mining?

Why do miners oppose Ethereum upgrades? This involves the role of consensus mechanisms, which is closely related to miners' earnings. Then how do consensus mechanisms determine miners' earnings? What are the main consensus mechanisms currently available?

As we all know, Ethereum is undergoing critical changes and is about to be upgraded to Ethereum 2.0. The biggest difference between Ethereum 2.0 and Ethereum 1.0 is that it will replace the current "PoW" consensus mechanism with "PoS" consensus mechanism, which has caused opposition from a lot of miners.

Why do miners oppose Ethereum upgrades? This involves the role of consensus mechanisms, which is closely related to miners' earnings. Then how do consensus mechanisms determine miners' earnings? What are the main consensus mechanisms currently available?

·PoW, Proof of Work

PoW, famous for Bitcoin, requires users to perform some complex operations that take appropriate time, and the answers can be quickly validated by the service provider. The time, devices and energy are consumed as the cost of guarantee to ensure that the service and resources are used for real needs.

The rewards for mining depend on the effective work of the mining contribution. That is, the better the performance of the mining machine and the longer the mining time, the more rewards will be obtained.

·PoS, Proof of Stake

The concept of PoS was first introduced as Peercoin (PPC) in 2012. PoS is an upgraded consensus mechanism for PoW. Instead of requiring miners to perform a certain amount of computing work, PoS requires miners to provide their ownership of cryptocurrency in a certain amount.

According to PoS mechanism, the miner needs to create a "coin right" transaction when a new block is created, and the transaction will send some coins to the miners themselves in a predetermined proportion. Based on the proportion and time of each node owning tokens, the PoS mechanism reduces the mining difficulty of nodes in equal proportion according to the algorithm, thus speeding up the searching of random numbers.

In PoS mode, mining revenue is directly proportional to the coin age, and has nothing to do with the computing performance of computers.

·DPoS, Delegated Proof-of-Stake

DPoS was introduced in April 2014 by Dan Larimer, lead developer of Bitshares. DPoS is similar to board voting, in that the coin holders vote for a certain number of nodes for validation and bookkeeping on their behalf. To encourage more people to participate in the voting, the system will produce a small amount of tokens as rewards.

·PoST, Proof of Space Time

PoST is a concept introduced into blockchain by Filecoin. "Space-time" is defined as measuring and computing the time and space of data stored in a network.

In Filecoin network, PoST adopts WindowPoST auditing mechanism. Miners must submit PoST once for each sector within 24 hours, and post the composed Zero Knowledge Proof (ZKP) on the blockchain in the form of a message to make the users who store the data believe that the data has always been stored in the network. Therefore, sectors committed to capacity by miners are checked at least once every 24 hours in the Filecoin network, and a permanent and verifiable record is kept on the chain.

BTC
Shut Down
Issue amount 21000000
24 hours volume 2.60M
24 hours turnover $ 42.90B
Market Direction Long
Panic Index 58 (Greed)
Swap Rate 9.59%
Market Value Proportion 38.28%
market value $ 2,430.79 x 100 million
24 hour increase -1.06%
Computing power 277.37 EH/s
daily output 0.00000320 BTC / T
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
LTC
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Issue amount 84000000
24 hours volume 25.12M
24 hours turnover $ 1.75B
Market Direction Short
Swap Rate 35.10%
Market Value Proportion 0.46%
market value $ 40.66 x 100 million
24 hour increase -2.52%
Computing power 758.97 TH/s
daily output 0.00001078 LTC / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
BCH
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Issue amount 21000000
24 hours volume 2.62M
24 hours turnover $ 308.54M
Market Direction Short
Swap Rate 13.63%
Market Value Proportion 0.21%
market value $ 14.05 x 100 million
24 hour increase -2.12%
Computing power 1.72 EH/s
daily output 0.00055942 BCH / T
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
FIL
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Issue amount 2000000000
24 hours volume 102.82M
24 hours turnover $ 593.34M
Market Direction Short
Swap Rate 32.50%
Market Value Proportion 0.17%
market value $ 11.54 x 100 million
24 hour increase -5.98%
Computing power 18.69EiB
daily output 0.01349375 FIL / TiB
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
XCH
Shut Down
Issue amount 21410000
24 hours volume 81.28K
24 hours turnover $ 2.62M
Market Direction Short
Swap Rate 0.00%
Market Value Proportion 0.00%
market value $ 4.68 x 100 million
24 hour increase -2.03%
Computing power 14912.60839843 PiB
daily output 0.00033313 XCH / TiB
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
ETC
Shut Down
Issue amount 210700000
24 hours volume 31.82M
24 hours turnover $ 799.17M
Market Direction Short
Swap Rate 23.14%
Market Value Proportion 0.33%
market value $ 24.26 x 100 million
24 hour increase -4.41%
Computing power 128.27 TH/s
daily output 0.00012673 ETC / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

0%
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