Proof of Capacity
Proof of Capacity (PoC) is a consensus mechanism and algorithm used by mining devices. It uses available space in hard drives to validate transactions, store solutions regarding cryptocurrency hashing problems, and fulfill mining rights. It is considered one of the best alternative solutions to the issues associated with high energy consumption.
Proof of Assignment (PoA)
Proof of Assignment (PoA) is considered an optimized solution to coordinate devices connected to the Internet of Things (IoT). It is a cryptographic consensus mechanism that can execute on low-end hardware with a higher score compared to other precursors. In a decentralized and distributed network; Proof of Assignment is used to confirm the agreement and performs other cryptographic tasks, named “Micro Mining”
Proof of Activity
Proof of Activity is a consensus algorithm that is used to clarify either transaction performed on a blockchain-based platform is genuine or not and also check, miners have reached the consensus or not. Proof of activity has a hybrid nature having features of both proof of stake (POS) and proof of work (POW). Cryptocurrency Decred (DCR) using PoA’s consensus algorithm to operate.
Proof of Burn
Proof of Burn (PoB) is operating on the basic principle of permitting miners to “burn” their virtual crypto tokens. PoB is considered a substitute consensus algorithm that resolves the high energy consumption problem of a PoW system. In a PoB based network, the block doesn’t require any additional or powerful computational resources, and being a low energy consumer algorithm; it also doesn’t depend upon powerful mining hardware.
Proof of Work
Proof of Work (PoW) is an algorithm that has set the foundation of well-known cryptocurrencies like Ethereum and Bitcoin. It is used to develop an automated currency that can work without operations controlled by any government or company. PoW plays an important role in creating new blocks in the Bitcoin blockchain within 10 minutes.
Proof of Stake
Proof of Stake (PoS) is such a consensus algorithm that facilitates a blockchain-based network to achieve distributed consensus. In PoS, using different combinations of numbers new/next blocks are created. It also defines that on the basis of coins holding, a miner can validate or mine the block transactions.