Evaluation of Proof-of-Work Consensus Algorithm for Blockchain Networks

Gupta, Chandranshu; Mahajan, Asmita

doi:10.1109/icccnt49239.2020.9225676

Cited by 16 publications

(8 citation statements)

References 10 publications

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“…The consensus is achieved through the computational work performed by network nodes which are known as miners. The PoW consensus mechanism provides security and decentralization to blockchain networks, as it requires participants to invest computational resources and energy [38]. Despite its merits, it faces challenges including, tremendous energy consumption and limited scalability.…”

Section: A Pow and Pos Consensus Protocolsmentioning

confidence: 99%

Formal Verification of Justification and Finalization in Beacon Chain

Afzaal,

Zafar,

Tehseen

et al. 2024

IEEE Access

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In recent years, Beacon Chain known as the core of Ethereum 2.0, has gained considerable attention since its launch. Many validators have staked billions of Ether in the Proof of Stake (PoS) network. It is a mission critical system and its security and stability rely on the justification and finalization of checkpoints. These are essential elements of the Casper FFG consensus algorithm utilized by the Beacon Chain. This process is critical for establishing a trustworthy foundation and finalizing proposed blocks by confirming agreed upon checkpoints. Hence, ensuring the correctness of checkpoints in the Beacon Chain has significant importance because any bug in it can cause serious implications. To address this challenge, we employ formal methods, a popular mathematical approach used for verifying the correctness of such critical systems. In this work, we have done formal verification of the processes of Beacon Chain state initialization, justification and finalization of checkpoints using the Process Analysis Toolkit (PAT) model checker. The adoption of model checking through the PAT model checker presents a novel contribution of our work, as this approach is not previously utilized in the formal verification of Beacon Chain. The presented work is specified through the Communicating Sequential Programs, formal specification language, and the properties are described through Linear Temporal Logic. The PAT model checker takes the specified formal model and properties as input to assess whether the properties are satisfied. The properties are analyzed with respect to the verification time, visited states, total transitions, and memory used. Through this research, we aim to increase confidence in the correctness and reliability of the Beacon Chain.INDEX TERMS Ethereum 2.0, Beacon Chain, Justification and finalization, Model checking, PAT

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Section: A Pow and Pos Consensus Protocolsmentioning

confidence: 99%

Formal Verification of Justification and Finalization in Beacon Chain

Afzaal,

Zafar,

Tehseen

et al. 2024

IEEE Access

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“…Gupta et al [12] proposed that blockchain is a constantly evolving technology that underlies Bitcoin and has already been widely implemented. The advent of cryptocurrency and blockchain has given rise to a new decentralized security and trust paradigm through the consensus system.…”

Section: A: Proof-of-workmentioning

confidence: 99%

Exploring the Potential of Blockchain Technology in an IoT-Enabled Environment: A Review

Deepak,

Gulia,

Gill

et al. 2024

IEEE Access

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Internet of Things (IoT) plays an essential contribution in connecting devices and enabling seamless data exchange, leading to increased efficiency and convenience. However, security concerns in IoT systems are significant, as compromised devices can lead to data breaches and privacy violations. Blockchain technology can enhance IoT security by providing decentralized consensus, immutability, and transparent transaction records, ensuring secure and trustworthy communication and data integrity. This review article gives a succinct but thorough understanding of blockchain technology, covering architecture of blockchain, working principles, types, applications, platforms, and its role in the IoT environment. The study highlights potential benefits of blockchain like enhanced security and privacy, and explores its integration with IoT. Additionally, the study discusses various real-world applications, examines blockchain platforms, and addresses the limitations and challenges associated with blockchain technology. This review serves as a valuable resource for researchers and practitioners seeking a deeper understanding of blockchain's potential and its implications in the IoT landscape.INDEX TERMS Blockchain, Data Exchange, Internet of Things (IoT), Privacy, Security.

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“…GPU atau lebih dikenal dengan graphic card (VGA) menjadi yang terbanyak digunakan, serta yang paling efisien dari segi harga dan performa (Pathirana dkk., 2019). Pada penelitian sebelumnya (Gupta & Mahajan, 2020) hanya membahas bagaimana penerapan dari algoritma konsensus bitcoin dengan bahasa pemrograman python, tujuan mereka untuk mengukur waktu yang dihasilkan dalam menyelesaikan teka-teki dari algoritma PoW. Pada penelitian kali ini didasarkan oleh fenomena mining yang menjadi trend baru dalam bisnis digital.…”

Section: Pendahuluanunclassified

Rancang Bangun Aplikasi Simulasi Mining Pada Jaringan Blockchain Bitcoin

Sugandi

Cynthia

et al. 2022

Sebatik

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Bitcoin merupakan salah satu dari mata uang digital yang dalam regulasinya tidak diatur oleh siapa pun seperti lembaga, organisasi maupun pemerintahan. Bitcoin menggunakan teknologi kriptografi atau yang biasa dikenal dengan teknologi Blockchain. Teknologi ini merupakan teknologi penyimpanan data atau transaksi kedalam sebuah block, dimana setiap proses penambahan block baru harus melalui proses validasi oleh sistem sesuai dengan konsensus yang berlaku. Untuk mengamankan jaringan Blockchain miliknya, bitcoin menggunakan algoritma konsensus Proof of Work (PoW). Proses validasi block inilah yang dinamakan dengan proses mining. Mining dilakukan untuk menambahkan transaksi kedalam Block dengan cara memecahkan teka-teki matematika dari algoritma PoW dengan cara memberikan komputasi power dari GPU oleh miner. Dikarenakan membutuhkan power yang besar, para miner diberi imbalan berupa bitcoin. Besaran bitcoin yang diterima tergantung dari hash power miner. Fenomena mining bitcoin menjadi trend bisnis pada masa kini karena menjanjikan keuntungan. Fenomena ini membuat banyak orang awam untuk ikut melakukan mining, tanpa mengetahui apa yang sebenarnya akan dilakukan. Maka dari itu simulasi ini dibuat dengan tujuan untuk mengedukasi bagaimana proses yang terjadi pada mining Bitcoin dengan cara visualisasi melalui Aplikasi web yang nantinya akan dibangun menggunakan bahasa pemrograman javascript dan diharapkan dapat menggambarkan proses mining pada blockchain dengan menerapkan algoritma konsensus Proof of Work di dalamnya.

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Evaluation of Proof-of-Work Consensus Algorithm for Blockchain Networks

Cited by 16 publications

References 10 publications

Formal Verification of Justification and Finalization in Beacon Chain

Formal Verification of Justification and Finalization in Beacon Chain

Exploring the Potential of Blockchain Technology in an IoT-Enabled Environment: A Review

Rancang Bangun Aplikasi Simulasi Mining Pada Jaringan Blockchain Bitcoin

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