Blockchain Consensus Algorithm Strategy Selection Model

With the widespread popularity of cryptocurrencies such as Bitcoin,blockchain has also attracted public attention as its infrastructure.The establishment process of blockchain platform is bound to be inseparable from consensus algorithm.The function of consensus algorithm is to make each node follow certain rules to achieve autonomy in the case of no centralized management organization,so as to ensure the stable operation of blockchain.Consensus algorithm not only ensures the security and reliability of the blockchain system,but also serves as a criterion for the discrimination of different blockchain applications.It has specific economic implications: technology types are different production functions,and due to the duality of production and cost,different consensus algorithms will also determine the difference of cost functions.Different types of blockchains vary widely based on consensus algorithms,which leads to tradeoffs between different consensus algorithms when providing blockchains.Each consensus algorithm is applicable to different conditions,therefore,based on the description of the characteristics of each consensus algorithm,this paper summarizes the factors affecting different consensus algorithms and analyzes them.In this paper,a variety of consensus algorithms are classified into three types,and the economic characteristics are given respectively.On the basis of this,a game model of consensus algorithm selection is constructed,and the game equilibrium based on demand factors and cost factors is analyzed,and the conditions of game equilibrium are compared and static analyzed.