Consensus Approaches of High-Value Crypto Currencies and Application in SHA-3

Abstract

In view of the widespread use of information technologies, the security of data against third parties should be maintained. Blockchain technology is used for this data and especially for transactions in finance. However, although bitcoin is well known as the crypto currency, the use of the blockchain technology is gaining importance in different areas as well. Thus, consensus algorithms have been developed in order to increase the security and especially the integrity of the crypto currencies. These consensus algorithms indirectly influence the market value of crypto currencies. In this study, consensus algorithms of some crypto currencies have been investigated. In addition to the SHA256 algorithm, the advantages and disadvantages of using Shake and Keccak algorithms as a part of the consensus algorithms, have been analyzed. SHA256, Keccak and Shake algorithms are compared regarding to their performance. As a result, we recommend that the cryptographic hash function can be replaced with the Shake algorithm can be an extendable output function for new crypto currencies.