Choosing an algorithm
Choosing a consensus algorithm depends on several factors. It is not only use case-dependent, but some trade-offs may also have to be made to create a system that meets all the requirements without compromising the core safety and liveness properties of the system.
We will discuss some of the main factors that can influence the choice of consensus algorithm. Note that these factors are different from the core safety and liveness properties discussed earlier, which are the fundamental requirements needed to be fulfilled by any consensus mechanism. Other factors that we are going to introduce here are use case-specific and impact the choice of consensus algorithm.
These factors include, but are not limited to finality, speed, performance, and scalability.
Finality
Finality refers to a concept where once a transaction has been completed, it cannot be reverted. In other words, if a transaction has been committed to the blockchain, it won't be...