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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
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Issue amount 21000000
24 hours volume 3.92M
24 hours turnover $ 77.29B
Market Direction Short
Panic Index 20 (Extreme panic)
Swap Rate 20.48%
Market Value Proportion 38.60%
market value $ 2,048.87 x 100 million
24 hour increase -0.12%
Computing power 222.66 EH/s
daily output 0.00000392 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.

+67.05%
ETH
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Issue amount 121630728
24 hours volume 27.52M
24 hours turnover $ 37.37B
Market Direction Long
Swap Rate 22.46%
Market Value Proportion 17.18%
market value $ 808.87 x 100 million
24 hour increase 0.50%
Computing power 855.24 TH/s
daily output 0.00001549 ETH / 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.

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LTC
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Issue amount 84000000
24 hours volume 11.23M
24 hours turnover $ 606.00M
Market Direction Short
Swap Rate 15.76%
Market Value Proportion 0.39%
market value $ 22.25 x 100 million
24 hour increase -0.36%
Computing power 485.80 TH/s
daily output 0.00001511 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.

-7.26%
DASH
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Issue amount 18900000
24 hours volume 797.46K
24 hours turnover $ 33.90M
Market Direction Short
Swap Rate 7.29%
Market Value Proportion 0.04%
market value $ 3.68 x 100 million
24 hour increase -9.17%
Computing power 2.35 PH/s
daily output 0.00024754 DASH / G
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.

-58.77%
DCR
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Issue amount 21000000
24 hours volume 37.92K
24 hours turnover $ 954.47K
Market Direction Long
Swap Rate 0.26%
Market Value Proportion 0.03%
market value $ 2.51 x 100 million
24 hour increase -5.24%
Computing power 85.24 PH/s
daily output 0.00000354 DCR / G
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.

-87.59%
ZEC
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Issue amount 21000000
24 hours volume 1.37M
24 hours turnover $ 81.08M
Market Direction Short
Swap Rate 8.95%
Market Value Proportion 0.09%
market value $ 5.35 x 100 million
24 hour increase -7.05%
Computing power 9.71 GH/s
daily output 0.00028412 ZEC / K
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.

+61.30%
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