Novel Consensus Algorithm for Blockchain Using Proof-of-Majority (PoM)

Gorla, Praveen; Singh, Siddharth Pratap; Chamola, Vinay; Guizani, Mohsen

doi:10.1109/lnet.2022.3213971

Cited by 6 publications

(4 citation statements)

References 12 publications

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“…Then, the pool manager adds the block to the blockchain. Through the study [28][29][30][31][32][33] of these three parts, we concluded that the PoW algorithm contains the following advantages. First, the PoW algorithm process is a simple way to ensure the high performance and scalability of the blockchain system through simple mining and decentralized structure.…”

Section: Pow Consensus Algorithmmentioning

confidence: 98%

“…The essence of the PoW algorithm is the mining process, which uses an incentive mechanism to make mining pools and miners compete with each other to mine new blocks. The PoW consensus algorithm process is mainly composed of three parts: mining process [28,29], incentive mechanism [30,31] and key verification [32,33]. The specific application scenario process using the PoW algorithm is shown in Figure 2 below.…”

Section: Pow Consensus Algorithmmentioning

confidence: 99%

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An Evolutionary Game Theory-Based Method to Mitigate Block Withholding Attack in Blockchain System

et al. 2023

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Consensus algorithms are the essential components of blockchain systems. They guarantee the blockchain’s fault tolerance and security. The Proof of Work (PoW) consensus algorithm is one of the most widely used consensus algorithms in blockchain systems, using computational puzzles to enable mining pools to compete for block rewards. However, this excessive competition for computational power will bring security threats to blockchain systems. A block withholding (BWH) attack is one of the most critical security threats blockchain systems face. A BWH attack obtains the reward of illegal block extraction by replacing full proof with partial mining proof. However, the current research on the BWH game could be more extensive, considering the problem from the perspective of a static game, and it needs an optimal strategy that dynamically reflects the mining pool for multiple games. Therefore, to solve the above problems, this paper uses the method of the evolutionary game to design a time-varying dynamic game model through the degree of system supervision and punishment. Based on establishing the game model, we use the method of replicating dynamic equations to analyze and find the optimal strategy for mining pool profits under different BWH attacks. The experimental results demonstrate that the mining pools will choose honest mining for the best profit over time under severe punishment and high supervision. On the contrary, if the blockchain system is supervised with a low penalty, the mining pools will eventually choose to launch BWH attacks against each other to obtain the optimal mining reward. These experimental results also prove the validity and correctness of our model and solution.

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Section: Pow Consensus Algorithmmentioning

confidence: 98%

Section: Pow Consensus Algorithmmentioning

confidence: 99%

An Evolutionary Game Theory-Based Method to Mitigate Block Withholding Attack in Blockchain System

et al. 2023

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show abstract

“…This research has a certain guiding role for developing the use of blockchain technology in the information industry in the future. [46] proposes a new consensus algorithm using Proof of Majority (PoM) to address the issue of centralization in blockchain networks caused by energy-intensive mining pools. The proposed algorithm aims to increase decentralization and reduce the carbon footprint by eliminating resource-intensive tasks.…”

Section: Blockchain Applications In Banksmentioning

confidence: 99%

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

Chaudhry

Hydros

2023

IET Blockchain

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Cyber security in the banking sector is of high importance nowadays. The rate of cyberattacks is spiking every year, and the implementation of strong cybersecurity models is required to ensure the confidentiality and integrity of data. Since protecting a bank requires a wide range of security practices, this paper focuses on protecting the bank resources from malicious actors and securing the transactions using a blockchain consensus mechanism that uses a zero-trust security approach among the participants in the transaction. In addition to the framework, an algorithm for blockchain-based online transactions was designed to make use of practical implementation in the future. The ideas formulated during the research and literature review were integrated to design the framework and the algorithm. The proposed framework ensures that the security of the banking sector can be enhanced by adopting the zero-trust concept and blockchain technology. The consensus algorithms used for the transaction make it immutable and decentralized. Zero-trust principles adopted in the model ensure the confidentiality and integrity of the banking system.

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“…However, the traditional proof-of-work and proof-ofstake consensus models suffer from their own limitations, such as high energy consumption and susceptibility to centralization. Therefore, researchers have been exploring novel consensus models that can overcome these limitations and improve the scalability, security, and efficiency of blockchain networks [1,2,3]. Blockchain technology has gained significant attention in recent years due to its potential to provide a transparent, secure, and decentralized way of storing and exchanging data.…”

Section: Introductionmentioning

confidence: 99%

Nthcmb: Design of an Efficient Novel Trust-Based Hybrid Consensus Model for Securing Blockchain Deployments

Kapse,

Malik,

Kumar

2024

AEJ

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Blockchain deployments require efficient consensus models in order to be scaled for larger networks. Existing consensus models either use stake-levels, trust-levels, authority-levels, etc. or their combinations in order to reduce mining delay while maintaining higher security levels. But these models either have higher energy requirements, lower security, or have linear/exponential relationship between mining delay and length of the chains. Due to these restrictions, the applicability of these models is affected when deployed under real-time network scenarios. To overcome these issues, this text proposes design of an efficient novel trust-based hybrid consensus model for securing blockchain deployments. The proposed model initially uses a hybrid consensus model that fuses Proof-of-Work (PoW), Proof-of-Stake (PoS) with Proof-of-Temporal-Trust (PoTT) for improving security while maintaining higher Quality of Service (QoS) levels. The PoTT Model fuses together temporal mining delay, temporal mining energy, throughput and block mining efficiency in order to generate miner-level trusts. These trust values are fused with Work efficiency and Stake levels and used for selection of miners. The selected miners are used for serving block addition requests, which assists in improving mining speed by 3.2%, reducing energy consumption 4.5%, and improving throughput by 8.5%, while improving block mining efficiency by 2.9% when compared with existing mining optimization models. This performance was validated under Sybil, Finney, Man-in-the-Middle, and Spoofing attacks. Performance of the model was observed to be consistent even under attacks, thereby making it useful for real-time network scenarios.

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Novel Consensus Algorithm for Blockchain Using Proof-of-Majority (PoM)

Cited by 6 publications

References 12 publications

An Evolutionary Game Theory-Based Method to Mitigate Block Withholding Attack in Blockchain System

An Evolutionary Game Theory-Based Method to Mitigate Block Withholding Attack in Blockchain System

Zero‐trust‐based security model against data breaches in the banking sector: A blockchain consensus algorithm

Nthcmb: Design of an Efficient Novel Trust-Based Hybrid Consensus Model for Securing Blockchain Deployments

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