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A Novel Aging-Based Proof of Stake Consensus Mechanism
https://orcid.org/http://orcid.org/0000-0002-1886-8284
https://orcid.org/http://orcid.org/0000-0001-8175-2201
https://orcid.org/http://orcid.org/0000-0002-2249-5425
https://orcid.org/http://orcid.org/0000-0002-2829-1829
Proof-of-Work (PoW) is currently the most popular consensus mechanism used in blockchain platforms. However, the significant amount of energy required by PoW has seriously undermined its effectiveness. Proof of Stake (PoS) is an alternative consensus mechanism that addresses the energy consumption issue of PoW. Unfortunately, the PoS mechanism may also lead to several issues, including a low level of decentralization, unfairness, and security issues in the blockchain. To address these concerns, we propose an aging-based version of PoS that enhances the decentralization level of the network by providing validation opportunities to a broader group of nodes. In addition to the nodes’ stake, aging-based PoS takes into account the age of nodes as a deciding factor in achieving fairness. Furthermore, aging-based PoS incorporates a punishment mechanism to prevent nodes from engaging in malicious activities on the blockchain. Our results demonstrate that aging-based PoS offers high decentralization, fairness, and security for current blockchain systems.
A Novel Aging-Based Proof of Stake Consensus Mechanism
https://orcid.org/http://orcid.org/0000-0002-1886-8284
https://orcid.org/http://orcid.org/0000-0001-8175-2201
https://orcid.org/http://orcid.org/0000-0002-2249-5425
https://orcid.org/http://orcid.org/0000-0002-2829-1829
Proof-of-Work (PoW) is currently the most popular consensus mechanism used in blockchain platforms. However, the significant amount of energy required by PoW has seriously undermined its effectiveness. Proof of Stake (PoS) is an alternative consensus mechanism that addresses the energy consumption issue of PoW. Unfortunately, the PoS mechanism may also lead to several issues, including a low level of decentralization, unfairness, and security issues in the blockchain. To address these concerns, we propose an aging-based version of PoS that enhances the decentralization level of the network by providing validation opportunities to a broader group of nodes. In addition to the nodes’ stake, aging-based PoS takes into account the age of nodes as a deciding factor in achieving fairness. Furthermore, aging-based PoS incorporates a punishment mechanism to prevent nodes from engaging in malicious activities on the blockchain. Our results demonstrate that aging-based PoS offers high decentralization, fairness, and security for current blockchain systems.
A Novel Aging-Based Proof of Stake Consensus Mechanism
https://orcid.org/http://orcid.org/0000-0002-1886-8284
https://orcid.org/http://orcid.org/0000-0001-8175-2201
https://orcid.org/http://orcid.org/0000-0002-2249-5425
https://orcid.org/http://orcid.org/0000-0002-2829-1829
Proof-of-Work (PoW) is currently the most popular consensus mechanism used in blockchain platforms. However, the significant amount of energy required by PoW has seriously undermined its effectiveness. Proof of Stake (PoS) is an alternative consensus mechanism that addresses the energy consumption issue of PoW. Unfortunately, the PoS mechanism may also lead to several issues, including a low level of decentralization, unfairness, and security issues in the blockchain. To address these concerns, we propose an aging-based version of PoS that enhances the decentralization level of the network by providing validation opportunities to a broader group of nodes. In addition to the nodes’ stake, aging-based PoS takes into account the age of nodes as a deciding factor in achieving fairness. Furthermore, aging-based PoS incorporates a punishment mechanism to prevent nodes from engaging in malicious activities on the blockchain. Our results demonstrate that aging-based PoS offers high decentralization, fairness, and security for current blockchain systems.
A Novel Aging-Based Proof of Stake Consensus Mechanism
Lect. Notes in Networks, Syst.
Castillo Ossa, Luis Fernando (editor) / Isaza, Gustavo (editor) / Cardona, Óscar (editor) / Castrillón, Omar Danilo (editor) / Corchado Rodriguez, Juan Manuel (editor) / De la Prieta Pintado, Fernando (editor) / Abbasi, Mahmoud (author) / Prieto, Javier (author) / Plaza-Hernández, Marta (author) / Corchado, Juan Manuel (author)
Sustainable Smart Cities and Territories International Conference ; 2023 ; Manizales, Colombia
2023-09-02
13 pages
Article/Chapter (Book)
Electronic Resource
English
Robust Proof of Stake: A New Consensus Protocol for Sustainable Blockchain Systems
| DOAJ | 2020