Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities
The rapid development of blockchain technology and their numerous emerging applications has received huge attention in recent years. The distributed consensus mechanism is the backbone of a blockchain network. It plays a key role in ensuring the network's security, integrity, and performance. M...
| Main Authors: | , , , , , |
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| Format: | Journal Article |
| Language: | English |
| Published: |
2019
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| Online Access: | https://hdl.handle.net/10356/107496 http://hdl.handle.net/10220/49702 http://dx.doi.org/10.1109/ACCESS.2019.2925010 |
| _version_ | 1826109811432882176 |
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| author | Nguyen, Cong T. Hoang, Dinh Thai Nguyen, Diep N. Niyato, Dusit Nguyen, Huynh Tuong Dutkiewicz, Eryk |
| author2 | School of Computer Science and Engineering |
| author_facet | School of Computer Science and Engineering Nguyen, Cong T. Hoang, Dinh Thai Nguyen, Diep N. Niyato, Dusit Nguyen, Huynh Tuong Dutkiewicz, Eryk |
| author_sort | Nguyen, Cong T. |
| collection | NTU |
| description | The rapid development of blockchain technology and their numerous emerging applications has received huge attention in recent years. The distributed consensus mechanism is the backbone of a blockchain network. It plays a key role in ensuring the network's security, integrity, and performance. Most current blockchain networks have been deploying the proof-of-work consensus mechanisms, in which the consensus is reached through intensive mining processes. However, this mechanism has several limitations, e.g., energy inefficiency, delay, and vulnerable to security threats. To overcome these problems, a new consensus mechanism has been developed recently, namely proof of stake, which enables to achieve the consensus via proving the stake ownership. This mechanism is expected to become a cutting-edge technology for future blockchain networks. This paper is dedicated to investigating proof-of-stake mechanisms, from fundamental knowledge to advanced proof-of-stake-based protocols along with performance analysis, e.g., energy consumption, delay, and security, as well as their promising applications, particularly in the field of Internet of Vehicles. The formation of stake pools and their effects on the network stake distribution are also analyzed and simulated. The results show that the ratio between the block reward and the total network stake has a significant impact on the decentralization of the network. Technical challenges and potential solutions are also discussed. |
| first_indexed | 2024-10-01T02:24:31Z |
| format | Journal Article |
| id | ntu-10356/107496 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T02:24:31Z |
| publishDate | 2019 |
| record_format | dspace |
| spelling | ntu-10356/1074962019-12-06T22:32:29Z Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities Nguyen, Cong T. Hoang, Dinh Thai Nguyen, Diep N. Niyato, Dusit Nguyen, Huynh Tuong Dutkiewicz, Eryk School of Computer Science and Engineering Blockchain Engineering::Computer science and engineering Consensus Mechanisms The rapid development of blockchain technology and their numerous emerging applications has received huge attention in recent years. The distributed consensus mechanism is the backbone of a blockchain network. It plays a key role in ensuring the network's security, integrity, and performance. Most current blockchain networks have been deploying the proof-of-work consensus mechanisms, in which the consensus is reached through intensive mining processes. However, this mechanism has several limitations, e.g., energy inefficiency, delay, and vulnerable to security threats. To overcome these problems, a new consensus mechanism has been developed recently, namely proof of stake, which enables to achieve the consensus via proving the stake ownership. This mechanism is expected to become a cutting-edge technology for future blockchain networks. This paper is dedicated to investigating proof-of-stake mechanisms, from fundamental knowledge to advanced proof-of-stake-based protocols along with performance analysis, e.g., energy consumption, delay, and security, as well as their promising applications, particularly in the field of Internet of Vehicles. The formation of stake pools and their effects on the network stake distribution are also analyzed and simulated. The results show that the ratio between the block reward and the total network stake has a significant impact on the decentralization of the network. Technical challenges and potential solutions are also discussed. Published version 2019-08-20T08:08:00Z 2019-12-06T22:32:29Z 2019-08-20T08:08:00Z 2019-12-06T22:32:29Z 2019 Journal Article Nguyen, C. T., Hoang, D. T., Nguyen, D. N., Niyato, D., Nguyen, H. T., & Dutkiewicz, E. (2019). Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities. IEEE Access, 7, 85727-85745. doi:10.1109/ACCESS.2019.2925010 https://hdl.handle.net/10356/107496 http://hdl.handle.net/10220/49702 http://dx.doi.org/10.1109/ACCESS.2019.2925010 en IEEE Access © 2019 IEEE. This journal is 100% open access, which means that all content is freely available without charge to users or their institutions. All articles accepted after 12 June 2019 are published under a CC BY 4.0 license*, and the author retains copyright. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, as long as proper attribution is given. 19 p. application/pdf |
| spellingShingle | Blockchain Engineering::Computer science and engineering Consensus Mechanisms Nguyen, Cong T. Hoang, Dinh Thai Nguyen, Diep N. Niyato, Dusit Nguyen, Huynh Tuong Dutkiewicz, Eryk Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title | Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title_full | Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title_fullStr | Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title_full_unstemmed | Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title_short | Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities |
| title_sort | proof of stake consensus mechanisms for future blockchain networks fundamentals applications and opportunities |
| topic | Blockchain Engineering::Computer science and engineering Consensus Mechanisms |
| url | https://hdl.handle.net/10356/107496 http://hdl.handle.net/10220/49702 http://dx.doi.org/10.1109/ACCESS.2019.2925010 |
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