Abstract
Blockchain mining should not be a game among power oligarchs. In this paper, we present the Multiple Winners Proof of Work Protocol (MWPoW), a mining-pool-like decentralised blockchain consensus protocol. MWPoW enables disadvantaged nodes which post only a small amount of calculation resource in the mining game to create blocks together and compete with power oligarchs without centralised representatives. A precise Support Rate of blocks can be determined through the mining process; the mechanism of the mainchain determination is therefore changed and has become faster and more straightforward. A method that periodically adjusts the block size and the block interval is introduced into MWPoW, which increases the system flexibility in the changes of network conditions and data flow. Experiments suggest, without lifting calculation and bandwidth requirements, MWPoW is more attractive to disadvantaged nodes due to its mostly increased reward expectation for disadvantaged nodes. The transaction pending time is shortened chiefly, and either the block interval or the block size can be adapted amid the changes of overall network conditions.
Highlights
Bitcoin [1], Ethereum [2], and other blockchain systems take the research direction of acquiring a consistent view among mutually distrusting participants to public attention
We show Multiple Winners Proof of Work protocol (MWPoW), a consensus protocol that attempts to increase the scalability of blockchain while maintaining the decentralisation by (1) introducing a method to dynamically adjust the block interval and make it fit into the network situation, (2) changing the way of mainchain determination and shortening the transaction pending time, and (3) strengthening the decentralisation by increasing the chance for disadvantaged participants to receive remuneration
According to the Shares embedded, if a miner failed to find the Shares which together weighted more than 50% of the power it previously claimed, this miner will be expelled from the game. e remuneration for the miners of block X is given at the block height BH X + 1 through the Coinbase transaction
Summary
Bitcoin [1], Ethereum [2], and other blockchain systems take the research direction of acquiring a consistent view among mutually distrusting participants to public attention. Ere are many byzantine consensus mechanisms in pre-blockchain eras; they often make security/performance trade-offs which make them no longer a trustworthy decentralised system Byzantine consensus mechanisms such as those in [12,13,14] are specified working in a closed-membership setting, the participants are fixed, and they all know each other’s identities through authenticated third parties. We show Multiple Winners Proof of Work protocol (MWPoW), a consensus protocol that attempts to increase the scalability of blockchain while maintaining the decentralisation by (1) introducing a method to dynamically adjust the block interval and make it fit into the network situation, (2) changing the way of mainchain determination and shortening the transaction pending time, and (3) strengthening the decentralisation by increasing the chance for disadvantaged participants to receive remuneration.
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