Hey Crypto Miners
There are so many different types of Consensus algorthims such as:
Proof of Work
Proof-of-Work (PoW) was the first successful decentralized blockchain consensus algorithm. PoW is still used by Bitcoin and other cryptocurrencies, like Ethereum (Ethereum plans to move to Proof-of-Stake, more details in next section), Litecoin, ZCash, Monero, and many more.
Proof of Stake
Proof of Stake requires participants to stake a portion of the coins that they hold in the network to verify transactions. Rather than mining by completing computationally difficult problems to verify transactions, minters stake their coins on transactions by locking up coins. Coins using PoS are Dash, NEO,
Delegated Proof-of-Stake (DPoS)
Delegated Proof-of-Stake (DPoS) is similar in name to Proof-of-Stake, the implementation details are meaningfully different. In DPoS, instead of staking coins to validate transactions, token holders vote for a select group to serve the role of validating transactions. Cryptocurrecnies such Lisk and Oxycoin implemented this system.
Proof of Burn(PoB)
You are providing proof that you have burned some of your coins in the process of sending transactions to an address that unspendable. This method only works with coins mined from Proof of work Cryptocurrencies. Useres will try to burn the most amount of coins to hopefully "win" the block reward. Cryptocurrency such as Counterparty (XCP) use
PoB
Proof of Ambassador(PoA)
The Proof of Ambassador protocol, introduced by the Bitcoin Origin project, builds on Proof of Authority by combining it with Proof of Stake elements. It works by assigning a reputation score to validators who are publicly identifiable, known as Ambassadors.
Ambassadors are chosen each month by users who stake their coins to cast votes. The consensus is based on pre-approved authoritative Ambassadors with a Proof of Authority approach.
Reputation is assigned to Ambassadors based on several criteria including continual predetermined set of activities like promotion and campaigning of the Bitcoin Origin project.
Guys please let me know which one is your favourite, In case if I left out some consensus algorithms add on to the list.
Thank you in advance.