Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere
Blockchain is one of the leading data transfer technologies that eliminate the need for centralized management through consensus algorithms. This article describes the consensus algorithms, their benefits, and their applications within a micropayment system in the financial sector. Preliminary studi...
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| Format: | Article |
| Language: | English |
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MDPI AG
2021-10-01
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| Series: | Electronics |
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| Online Access: | https://www.mdpi.com/2079-9292/10/21/2659 |
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| author | Olga A. Safaryan Kirill S. Lemeshko Alexey N. Beskopylny Larissa V. Cherckesova Denis A. Korochentsev |
| author_facet | Olga A. Safaryan Kirill S. Lemeshko Alexey N. Beskopylny Larissa V. Cherckesova Denis A. Korochentsev |
| author_sort | Olga A. Safaryan |
| collection | DOAJ |
| description | Blockchain is one of the leading data transfer technologies that eliminate the need for centralized management through consensus algorithms. This article describes the consensus algorithms, their benefits, and their applications within a micropayment system in the financial sector. Preliminary studies have shown that the performance of distributed databases largely depends on the chosen consensus algorithm. The main task of the study is to create a mathematical model to assess their performance. The most popular crypto projects and the consensus algorithms are analyzed to determine their performance. The obtained model was tested by calculating the parameters of the distributed register based on the directed acyclic graph algorithm and calculating the parameters of other algorithms used. The result is a mathematical model for evaluating the parametric characteristics of the work of consensus algorithms with the choice of the most priority one for implementation in the financial sector. The analysis focuses on the mathematical steps taken by each consensus algorithm. The data obtained using the developed mathematical model demonstrates that PoW, PoS, and DAG algorithms depend on various resources, such as computing power, the number of connected nodes, and the speed of receiving transactions. |
| first_indexed | 2024-03-10T06:04:19Z |
| format | Article |
| id | doaj.art-1c39fc1811ac4aa59aa0a2987cd82268 |
| institution | Directory Open Access Journal |
| issn | 2079-9292 |
| language | English |
| last_indexed | 2024-03-10T06:04:19Z |
| publishDate | 2021-10-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Electronics |
| spelling | doaj.art-1c39fc1811ac4aa59aa0a2987cd822682023-11-22T20:38:57ZengMDPI AGElectronics2079-92922021-10-011021265910.3390/electronics10212659Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial SphereOlga A. Safaryan0Kirill S. Lemeshko1Alexey N. Beskopylny2Larissa V. Cherckesova3Denis A. Korochentsev4Department of Cyber Security of Information Systems, Don State Technical University, 344003 Rostov-on-Don, RussiaDepartment of Cyber Security of Information Systems, Don State Technical University, 344003 Rostov-on-Don, RussiaDepartment of Transport Systems, Faculty of Roads and Transport Systems, Don State Technical University, 344003 Rostov-on-Don, RussiaDepartment of Cyber Security of Information Systems, Don State Technical University, 344003 Rostov-on-Don, RussiaDepartment of Cyber Security of Information Systems, Don State Technical University, 344003 Rostov-on-Don, RussiaBlockchain is one of the leading data transfer technologies that eliminate the need for centralized management through consensus algorithms. This article describes the consensus algorithms, their benefits, and their applications within a micropayment system in the financial sector. Preliminary studies have shown that the performance of distributed databases largely depends on the chosen consensus algorithm. The main task of the study is to create a mathematical model to assess their performance. The most popular crypto projects and the consensus algorithms are analyzed to determine their performance. The obtained model was tested by calculating the parameters of the distributed register based on the directed acyclic graph algorithm and calculating the parameters of other algorithms used. The result is a mathematical model for evaluating the parametric characteristics of the work of consensus algorithms with the choice of the most priority one for implementation in the financial sector. The analysis focuses on the mathematical steps taken by each consensus algorithm. The data obtained using the developed mathematical model demonstrates that PoW, PoS, and DAG algorithms depend on various resources, such as computing power, the number of connected nodes, and the speed of receiving transactions.https://www.mdpi.com/2079-9292/10/21/2659blockchainconsensus protocolsecuritythroughput capacitydistributed ledger (registry) technologyProof of Work algorithm (PoW) |
| spellingShingle | Olga A. Safaryan Kirill S. Lemeshko Alexey N. Beskopylny Larissa V. Cherckesova Denis A. Korochentsev Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere Electronics blockchain consensus protocol security throughput capacity distributed ledger (registry) technology Proof of Work algorithm (PoW) |
| title | Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere |
| title_full | Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere |
| title_fullStr | Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere |
| title_full_unstemmed | Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere |
| title_short | Mathematical Analysis of Parametric Characteristics of the Consensus Algorithms Operation with the Choice of the Most Priority One for Implementation in the Financial Sphere |
| title_sort | mathematical analysis of parametric characteristics of the consensus algorithms operation with the choice of the most priority one for implementation in the financial sphere |
| topic | blockchain consensus protocol security throughput capacity distributed ledger (registry) technology Proof of Work algorithm (PoW) |
| url | https://www.mdpi.com/2079-9292/10/21/2659 |
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