Analysis of consensus algorithms used in blockchain technology and the development of a novel algorithm

Blockchain is defined as a technology consisting of interconnected data blocks that allows digital data to be recorded securely, transparently, and in a decentralized manner. Each block contains a series of transactions that occurred within a specific time frame and is linked to the previous block with an encrypted hash, making it extremely difficult to alter or delete the data. Blockchain technology, developed to verify and record transactions without the need for a central authority, is widely used in areas such as cryptocurrencies, smart contracts, and digital identity verification. Blockchain technology encompasses the stages of defining, verifying, storing, and sharing each transaction, digitally recording and signing them. According to this protocol, participants are required to reach a consensus on a specific data and process. Consensus algorithms are used to ensure that all participants in the blockchain network accept the same data, validate the transactions that occur in the network, create a secure and consistent transaction record without a central authority, and achieve consensus among distributed participants. These algorithms, which ensure data integrity in a distributed system, guarantee that all participants have the same information and ensure the security of the chain. Various consensus algorithms, such as Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Practical Byzantine Fault Tolerance (pBFT), Federated Byzantine Agreement (FBA), Proof of Capacity (PoC), Proof of Authority (PoA), Proof of Burn (PoB), Proof of Elapsed Time (PoET), Proof of Importance (PoI), and Ripple Protocol Consensus Algorithm (RPCA), have been developed to achieve a balance between security, decentralization, and performance in different blockchain networks. This thesis aims to analyze existing consensus algorithms and design a novel two-layered algorithm to enhance decentralization in blockchain systems.