Consensus Mechanism:

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Consensus mechanism is some sort of protocols or algorithms. Through this protocols, any Blockchain network authorizes the transactions. It ensures security, reliability and trust.

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Different types of consensus mechanisms are used for different networks. Most popular two mechanisms are Proof of Work (PoW) and Proof of Stake (PoS).

There are some other types of consensus mechanisms as follows:
Proof of Authority (PoA)
Proof of Activity (PoA)
Proof of Burn (PoB)
Proof of Capacity (PoC)
Proof of Space (PoSpace)
Proof of Elapsed Time (PoET)
Delegated Proof of Stake (DPoS)
Proof of History (PoH)
Proof of Importance (PoI)
And so on.

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Efficiency of Consensus Mechanism

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The performance of Consensus Mechanism is evaluated by measuring a few factors like: Gas fees, block confirmation times, scalability.

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These factors play important role in the security and performance of a blockchain. Here we are going to discuss about the factors.

Gas Fee: Gas fee means transaction fee. It's the cost that the users must pay while performing any task on the blockchain. It is called the fuel of cryptocurrency that is burnt to run the network. It increases whenever there's a bull market.

Block Confirmation Times: Generally blocks on Proof of Work (PoW) network takes highest 10 minutes to complete a task which is known asBlock Confirmation Task. This duration can vary due to different reasons like mining difficulty, methods of consensus etc. In case of the Proof of Stake (PoS) consensus mechanism, it takes only 10-12 second to generate a new block which is much lower than that of Proof of Work mechanism.

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Scalability: Scalability is oftenly known as TPS that means transaction per second. Scalability measures the performance of the network managing the consistently growing amount of tasks that is celled scaling.

There are some other indicators by which we can evaluate the efficiency and performance of the Consensus Mechanism of a Blockchain. These factors are also used to compare among different mechanisms and selecting the best one.

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Thanks a lot.

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I am Tariqul Islam, from Bangladesh
I am a crypto lover, like to write about Blockchain
Very much optimistic about the entire life.