Method of Proof of Work consensus algorithms comparison

Authors

  • M. Osadchuk
  • R. Oliynykov

DOI:

https://doi.org/10.30837/rt.2019.3.198.08

Keywords:

Blockchain, Consensus Algorithm, Decentralized Computation, Proof of Work, Double Spend Attack

Abstract

A consensus algorithm is the most important part of any blockchain system. There are available various consensus algorithms that developers can utilize in their solutions, and such a decision making cannot be fully formalized due uncertainty in requirements and application environment. We propose a method that allows selecting of an optimal Proof of Work (PoW) consensus algorithm for newly developed blockchain system based on Analytic Hierarchy Process. Application of this method to various PoW algorithms with involvement of independent experts allowed to select dPoW as the best solution for the given conditions.

References

Electronic resource: https://encry.com/.

Novotny P., Qi Zhang, Hull R., Baset S., Laredo J., Vaculin R., Ford D. L., Dillenberger D. N. Permissioned Blockchain Technologies for Academic Publishing // https://arxiv.org/ftp/arxiv/papers/1809 /1809.08529.pdf.

Chunpeng Ge, Siwei Sun, Szalachowski P. Permissionless Blockchains and Secure Logging // https://arxiv.org/abs/1903.03954.

Electronic resource: https://bitcoin.org.

Electronic resource: https://www.cardano.org.

Electronic resource: https://www.ethereum.org.

Electronic resource: https://www.ripple.com.

Satoshi Nakamoto Bitcoin: A Peer-to-Peer Electronic Cash System // https://bitcoin.org/bitcoin.pdf.

Ganesh Ch., Orlandi C., Tschudi D. Proof-of-Stake Protocols for Privacy-Aware Blockchains // Cryptology ePrint Archive: https://eprint.iacr.org/2018/1105.pdf.

Lamport L., Shostak R., Pease M. The Byzantine Generals Problem // https://pdfs.semanticscholar.org/1689/f401f9cd18c8fd033d99d1e2ce99b71e6047.pdf.

Du Minigxiao, Ma Xiofeng, Zhanh Zhe, Wang Xiangwei, Chen Qijun A review on consensus algorithm of blockchain // https://ieeexplore.ieee.org/abstract/document/8123011.

Zibin Zheng, Shaoan Xie, Hongning Dai, Xiangping Chen, Huaimin Wang An Overview of Blockchain Technology: Architecture, Consensus, and Future Trends // https://ieeexplore.ieee.org/abstract/document/8029379.

Bach L. M., Mihaljevic B., Zagar M. Comparative analysis of blockchain consensus algorithms // https://ieeexplore.ieee.org/abstract/document/8400278.

Proof of Work: A History & Overview of Proof of Work Systems // https://komodoplatform.com/proof-of-work.

Security: Delayed Proof of Work (dPoW) // https://komodoplatform.com/security-delayed-proof-of-work-dpow.

Bentov I., Lee Ch., Mizrahi A., Rosenfeld M. Proof of Activity: Extending Bitcoin’s Proof of Work via Proof of Stake // Cryptology ePrint Archive: https://eprint.iacr.org/2014/452.pdf.

What is Proof of Burn (ELI5)? // http://slimco.in/proof-of-burn-eli5.

What is Proof-of-Capacity? // https://www.burst-coin.org/proof-of-capacity.

PirlGuard – Innovative Solution against 51% // https://medium.com/pirl/pirlguard-innovative-solution-against-51-attacks-87dd45aa1109.

Block A. Mitigating 51% attacks with LLMQ-based ChainLocks // https://blog.dash.org/mitigating-51-attacks-with-llmq-based-chainlocks-7266aa648ec9.

Electronic resource: https://www.decision-making-solutions.com/how-to-make-a-decision.html.

Velasquez M., Hester P. T. An Analysis of Multi-Criteria Decision Making Methods // https://www.researchgate.net/profile/Patrick_Hester/publication/275960103_An _analysis _of_multi-criteria_decision_making_methods/links/55eefed208ae199d47bff202. pdf.

Thomas L. Saaty Decision making with the analytic hierarchy process // https://pdfs.semanticscholar.org/e3c5/61049eb532e328fc2b8288c490986cd9403f.pdf.

Electronic resource: https://www.univer.kharkov.ua.

Electronic resource: https://distributedlab.com.

Downloads

How to Cite

Osadchuk, M., & Oliynykov, R. (2019). Method of Proof of Work consensus algorithms comparison. Radiotekhnika, 3(198), 105–112. https://doi.org/10.30837/rt.2019.3.198.08

Issue

No. 198 (2019): Radiotekhnika

Section

Articles

License

Authors who publish with this journal agree to the following terms:

1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).