A survey of consensus algorithms in public blockchain systems for crypto-currencies

Ferdous, Sadek; Chowdhury, Mohammad Jabed Morshed; Hoque, Mohammad A.

doi:10.1016/j.jnca.2021.103035

Cited by 122 publications

(67 citation statements)

References 31 publications

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“…With the appearance of an entirely new digital asset class, namely a crypto-currency market, many different studies have been carried out to analyze this market focusing on various statistical characteristics [5][6][7], the relationship between crypto-currencies and other assets [8][9][10], regime switches [11][12][13], technological aspects [14,15], etc. Among them, only few recent papers published can be found that specifically explore the trading and formation of arbitrage in a crypto-currency market.…”

Section: Introductionmentioning

confidence: 99%

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

Kabašinskas

Šutienė

2021

Entropy

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The evolving crypto-currency market is seen as dynamic, segmented, and inefficient, coupled with a lack of regulatory oversight, which together becomes conducive to observing the arbitrage. In this context, a crypto-network is designed using bid/ask data among 20 crypto-exchanges over a 2-year period. The graph theory technique is employed to describe the network and, more importantly, to determine the key roles of crypto-exchanges in generating arbitrage opportunities by estimating relevant network centrality measures. Based on the proposed arbitrage ratio, Gatecoin, Coinfloor, and Bitsane are estimated as the best exchanges to initiate arbitrage, while EXMO and DSX are the best places to close it. Furthermore, by means of canonical correlation analysis, we revealed that higher volatility and the decreasing price of dominating crypto-currencies and CRIX index signal bring about a more likely arbitrage appearance in the market. The findings of research include pre-tax and after-tax arbitrage opportunities.

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Section: Introductionmentioning

confidence: 99%

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

Kabašinskas

Šutienė

2021

Entropy

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“…The results of studies from other scientific groups confirm the conclusions obtained in the course of this study. Thus, in [32], it is indicated that an ideal consensus algorithm is still unattainable since almost all algorithms, in one way or another, have significant drawbacks in terms of their safety and performance. However, other distributed accounting systems do not rely on any structure similar to blockchain.…”

Section: Discussionmentioning

confidence: 99%

Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere

et al. 2021

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Blockchain is one of the leading data transfer technologies that eliminate the need for centralized management through consensus algorithms. This article describes the consensus algorithms, their benefits, and their applications within a micropayment system in the financial sector. Preliminary studies have shown that the performance of distributed databases largely depends on the chosen consensus algorithm. The main task of the study is to create a mathematical model to assess their performance. The most popular crypto projects and the consensus algorithms are analyzed to determine their performance. The obtained model was tested by calculating the parameters of the distributed register based on the directed acyclic graph algorithm and calculating the parameters of other algorithms used. The result is a mathematical model for evaluating the parametric characteristics of the work of consensus algorithms with the choice of the most priority one for implementation in the financial sector. The analysis focuses on the mathematical steps taken by each consensus algorithm. The data obtained using the developed mathematical model demonstrates that PoW, PoS, and DAG algorithms depend on various resources, such as computing power, the number of connected nodes, and the speed of receiving transactions.

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“…In other words, the PBFT algorithm can tolerate less than 1/3 invalid or malicious nodes. The consensus process of the PBFT consensus algorithm is divided into five stages: request, pre-preparation, preparation, submission, and response [28]. Figure 5 shows the execution process of the PBFT algorithm.…”

Section: Pbft Consensus Algorithm Analysismentioning

confidence: 99%

Research on Distributed Energy Consensus Mechanism Based on Blockchain in Virtual Power Plant

Wang

Zhao

Lian

2022

Sensors

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Virtual power plant (VPP) composed of a large number of distributed energy resources (DERs) has become a regional multienergy aggregation model to realize the large-scale integration of renewable energy generation into the grid. Due to the characteristics of centralized management, the existing energy operation mode is difficult to simply apply to distributed energy resources transactions. The decentralization, transparency, contract execution automation and traceability of blockchain technology provide a new solution to the aggregation of decentralized resources and the opacity of transactions in VPP. In this paper, the existing problems of virtual power plants are analyzed, and the virtual power plant trading model is designed, which realizes the transparent benefit distribution and message transmission of virtual power plants. The virtual power plant blockchain network based on blockchain technology in this model solves the DERs coordination problem in VPP and the security and efficiency problems in information transmission. Combined with the actual situation of virtual power plant, the blockchain network collaboration mechanism (BNCM), which is convenient to reach agreement, is designed. Compared with the traditional practical Byzantine fault tolerance (PBFT) consensus algorithm, this mechanism can make DERs reach a consensus quickly. Finally, simulation experiments on the consensus algorithm show that the algorithm can reduce the collaboration time between DERs under the premise of ensuring the same fault tolerance rate and is more suitable for VPP scenarios with a large number of DERs.

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A survey of consensus algorithms in public blockchain systems for crypto-currencies

Cited by 122 publications

References 31 publications

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere

Research on Distributed Energy Consensus Mechanism Based on Blockchain in Virtual Power Plant

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