At the heart of every type of blockchain lies a consensus algorithm that sets one technology framework apart from another. The architecture of a consensus algorithm - whether it’s proof-of-work (PoW), proof-of-stake (PoS), or delegated proof-of-stake (DPoS) - is smartly designed to enable transparent and fair blockchain transaction validation.
The PoW consensus algorithm rose to stardom as a mechanism to validate transactions happening on the Bitcoin blockchain. However, it has proven to be resource-intensive, demanding a tremendous amount of electricity and computing power. One of its core weaknesses is a potential 51 percent attack, where if one user takes control of the network’s 51 percent of computing power, they could have a monopoly over the entire blockchain.
To combat common issues associated with Bitcoin’s PoW protocol, the ILCoin project developed a better PoW, also known as a command chain protocol (C2P).
How C2P may solve PoW flaws
PoW on the Bitcoin blockchain operates on the assumption that it’s too expensive to attack the network, and that it’s better to collaborate with other nodes. However, there have been double-spends and a series of 51 percent attacks with other blockchains using PoW; Bitcoin Gold is just one example. Without an established algorithm in place, a blockchain cannot securely verify all transactional entries. The problem is, just like with any new piece of tech, consensus algorithms have dealt with their fair share of scalability, efficiency, and ...
