Review of Existing Consensus Algorithms Blockchain

Averin, Andrey; Petr, Cheskidov

doi:10.1109/itqmis.2019.8928323

Cited by 30 publications

(15 citation statements)

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“…Consensus algorithms like Proof-Of-Stake (PoS), and its variants of Leased Proof-Of-Stake (LPoS) and Delegated Proof-Of-Stake (DPoS) are dependent on the usage of monetary values like cryptocurrencies as a stake. These three protocols require further development before it can be used practically in the Blockchain [71,76]. There are also other consensus protocols that revolve around the need for utilizing monetary concept as well, Proof-Of-Importance (PoI) where it prioritizes nodes with more activity in the network which can potentially be adapted but needs more research [68,71], Proof-Of-Burn (PoB) where it uses the concept of burning monetary values, Proof-Of-Capacity (PoC) where it requires a large volume of storage [71,76], Proof-Of-Activity (PoA) whereby it can experience a higher level of delay which is not suitable for delay-sensitive computers [76,77], Proof-Of-Weight (PoW) where it depends on the amount of crypto coins a stakeholder possesses [76], Casper which is an adaptation of PoS but is incapable of handling challenges that are present in IoT [71], and lastly Proof-Of-Luck where despite its system being fully randomized and energy-efficient, its computation efficiency is not high enough to accommodate for IoT [72].…”

Section: Other Proof-based Consensusmentioning

confidence: 99%

“…The concept of the Byzantine based consensus revolves around tackling the concept of the Byzantine General Problem, whereby in Blockchain's scenario, a node may fail and return leading false messages for the system and user [76]. This concept is usually referred to as the Byzantine Fault Tolerance (BFT) when used as an algorithm.…”

Section: Voting (Byzantine-based) Consensusmentioning

confidence: 99%

“…Paxos is a highly theoretical consensus algorithm that was one of the first few consensus protocols that were proposed [78]. Due to its theoretical nature, Paxos is challenging to understand and implement as a system [76]. Paxos has a crash tolerance level of up to 50% [71], hence why it is a crash-based consensus algorithm.…”

Section: Paxosmentioning

confidence: 99%

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Blockchain for decentralization of internet: prospects, trends, and challenges

et al. 2021

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Blockchain has made an impact on today’s technology by revolutionizing the financial industry through utilization of cryptocurrencies using decentralized control. This has been followed by extending Blockchain to span several other industries and applications for its capabilities in verification. With the current trend of pursuing the decentralized Internet, many methods have been proposed to achieve decentralization considering different aspects of the current Internet model ranging from infrastructure and protocols to services and applications. This paper investigates Blockchain’s capacities to provide a robust and secure decentralized model for Internet. The paper conducts a critical review on recent Blockchain-based methods capable for the decentralization of the future Internet. We identify and investigate two research aspects of Blockchain that provides high impact in realizing the decentralized Internet with respect to current Internet and Blockchain challenges while keeping various design in considerations. The first aspect is the consensus algorithms that are vital components for decentralization of the Blockchain. We identify three key consensus algorithms including PoP, Paxos, and PoAH that are more adequate for reaching consensus for such tremendous scale Blockchain-enabled architecture for Internet. The second aspect that we investigated is the compliance of Blockchain with various emerging Internet technologies and the impact of Blockchain on those technologies. Such emerging Internet technologies in combinations with Blockchain would help to overcome Blockchain’s established flaws in a way to be more optimized, efficient and applicable for Internet decentralization.

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Section: Other Proof-based Consensusmentioning

confidence: 99%

Section: Voting (Byzantine-based) Consensusmentioning

confidence: 99%

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Blockchain for decentralization of internet: prospects, trends, and challenges

et al. 2021

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“…Bitcoin [7], Litecoin [35] and Ethereum [36] "Proof of stake" [37] Energy efficient, more decentralized and reduces the threat of 51 percent attack Not fully decentralized and nothing at stake problem (we do not lose anything by behaving badly) PIVX (private instant verified transaction), NavCoin [38], ARDOR, and Stratis [39] "Leased proof of stake" [40] Fair usage and lease coins Decentralization issue Waves [41] "Delegated proof of stake" [42] Energy efficient and scalable Double spending attack Lisk [43], Ark [44], EOS [45], and BitShares "Proof of capacity" [46] Cheap, efficient, and distributed Favor big fishes Burstcoin "Proof of importance" [47] Transaction partnership and vesting/harvesting Decentralization issue NEM (new economy movement)…”

Section: Energy Consumption Low Transaction Confirmation Time and Centralization Of Minersmentioning

confidence: 99%

Energy Efficient Multiprocessing Solo Mining Algorithms for Public Blockchain Systems

Raza

Haq

Muneeb

et al. 2021

Scientific Programming

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Blockchain as a decentralized distributed ledger is revolutionizing the world with a secure design data storage mechanism. In the case of Bitcoin, mining involves a process of packing transactions in a block by calculating a random number termed as a nonce. The nonce calculation is done by special nodes called miners, and all the miners follow the Proof of Work (PoW) mining mechanism to perform the mining task. The transaction verification time in PoW-based blockchain systems, i.e., Bitcoin, is much slower than other digital transaction systems such as PayPal. It needs to be quicker if a system adapts PoW-based blockchain solutions, where there are thousands of transactions being computed at a time. Besides this, PoW mining also consumes a lot of energy to calculate the nonce of a block. Mining pools resulting into aggregated hashpower have been a popular solution to speed up the PoW mining, but they can be attacked by using different types of attacks. Parallel computing can be used to speed up the solo mining methods by utilizing the multiple processes of the contributing processors. In this research, we analyze various consensus mechanisms and see that the PoW-based blockchain systems have the limitations of low transaction confirmation time and high energy consumption. We also analyze various types of consensus layer attacks and their effects on miners and mining pools. To tackle these issues, we propose parallel PoW nonce calculation methods to accelerate the transaction verification process especially in solo mining. We have tested our techniques on different difficulty levels, and our proposed techniques yield better results than the traditional nonce computation mechanisms.

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“…Consensus algorithms like Proof-Of-Stake (PoS), and its variants of Leased Proof-Of-Stake (LPoS) and Delegated Proof-Of-Stake (DPoS) are dependent on the usage of monetary values like cryptocurrencies as a stake. These three protocols require further development before it can be used practically in the Blockchain [64,69]. There are also other consensus protocols that revolve around the need for utilizing monetary concept as well, Proof-Of-Importance (PoI) where it prioritizes nodes with more activity in the network which can potentially be adapted but needs more research [61,64], Proof-Of-Burn (PoB) where it uses the concept of burning monetary values, Proof-Of-Capacity (PoC) where it requires a large volume of storage [64,69], Proof-Of-Activity (PoA) whereby it can experience a higher level of delay which is not suitable for delay-sensitive computers [69,70], Proof-Of-Weight (PoW) where it depends on the amount of crypto coins a stakeholder possesses [69], Casper which is an adaptation of PoS but is incapable of handling challenges that are present in IoT [64], and lastly Proof-Of-Luck where despite its system being fully randomized and energy-efficient, its computation efficiency is not high enough to accommodate for IoT [65].…”

Section: ) Proof-of-property (Pop)mentioning

confidence: 99%

Blockchain for Decentralization of Internet: Prospects, Trends, and Challenges

Zarrin¹,

Hao²,

Saheer³

et al. 2020

Preprint

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Blockchain has made an impact on today's technology by revolutionizing the financial industry in its utilization on cryptocurrency and the features it provided on decentralization. With the current trend of pursuing the decentralized Internet, many methods have been proposed to achieve decentralization considering different aspects of the current Internet model ranging from infrastructure and protocols to services and applications. This paper focuses on using Blockchain to provide a robust and secure decentralized computing system. The paper conducts a literature review on Blockchain-based methods capable for the decentralization of the future Internet. To achieve that decentralization, two research aspects of Blockchain have been investigated that are highly relevant in realizing the decentralized Internet. The first aspect is the consensus algorithms, which are vital components for decentralization of Blockchain. We have identified three consensus algorithms being PoP, Paxos, and PoAH to be more adequate for reaching consensus in Blockchain-enabled Internet architecture. The second aspect that we investigated is the impact of future Internet technologies on Blockchain, where their combinations with Blockchain would help to make it overcome its established flaws and be more optimized and applicable for Internet decentralization.

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Review of Existing Consensus Algorithms Blockchain

Cited by 30 publications

References 0 publications

Blockchain for decentralization of internet: prospects, trends, and challenges

Blockchain for decentralization of internet: prospects, trends, and challenges

Energy Efficient Multiprocessing Solo Mining Algorithms for Public Blockchain Systems

Blockchain for Decentralization of Internet: Prospects, Trends, and Challenges

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