Abstract
In the digital economy era, the development of a distributed robust economy system has become increasingly important. The blockchain technology can be used to build such a system, but current mainstream consensus protocols are vulnerable to attack, making blockchain systems unsustainable. In this paper, we propose a new Robust Proof of Stake (RPoS) consensus protocol, which uses the amount of coins to select miners and limits the maximum value of the coin age to effectively avoid coin age accumulation attack and Nothing-at-Stake (N@S) attack. Under a comparison framework, we show that the RPoS equals or outperforms Proof of Work (PoW) protocol and Proof of Stake (PoS) protocol in three dimensions: energy consumption, robustness, and transaction processing speed. To compare the three consensus protocols in terms of trade efficiency, we built an agent-based model and find that RPoS protocol has greater or similar trade request-satisfied ratio than PoW and PoS. Hence, we suggest that RPoS is very suitable for building a robust digital economy distributed system.
Highlights
The essence of blockchain technology is to build a robust distributed database that does not rely on any center based on cryptography [1]
Robust Proof of Stake (RPoS) outperforms Proof of Work (PoW) in all the four features, and we suggest that RPoS is suitable for today’s blockchain system
The main improvement is that RPoS protocol uses the amount of coins instead of the age of coins to reduce the risk of coin age accumulation attack in the system
Summary
The essence of blockchain technology is to build a robust distributed database that does not rely on any center based on cryptography [1]. Consensus protocol in blockchain results in an identical distributed ledger. This paper first proposed a framework for consensus protocol comparison, which contains four dimensions: energy-saving, robustness, TPS (Transaction Per Second, see a table of acronyms in Appendix A) and trade request-satisfied ratio. After introducing the Proof of Work (PoW) and Proof of Stake (PoS) consensus protocols, we presented a new Robust Proof of Stake (RPoS) consensus protocol based on PoS. Regarding fourth aspect (i.e., trade request-satisfied ratio), we developed an agent-based blockchain model, and conducted three experiments in which PoW, PoS, RPoS consensus protocols and random, small-world, scale-free trade networks were implemented. We propose a framework for consensus protocol comparison, which includes four dimensions, i.e., energy-saving, robustness, TPS, and trade request-satisfied ratio. We quantified the trade request-satisfied ratio of three tested consensus protocols using the agent-based modeling and simulation technique.
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