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Although proof of work (PoW) consensus dominates the current blockchain-based systems mostly, it has always been criticized for the uneconomic brute-force calculation. As alternatives, energy-conservation and energy-recycling mechanisms…
Blockchain is a novel technology that is rising a lot of interest in the industrial and re- search sectors because its properties of decentralisation, immutability and data integrity. Initially, the underlying consensus mechanism has been…
The Internet of Things (IoT) is applied in various fields, and the number of physical devices connected to the IoT is increasingly growing. There are significant challenges to the IoT's growth and development, mainly due to the centralized…
Decentralisation is one of the promises introduced by blockchain technologies: fair and secure interaction amongst peers with no dominant positions, single points of failure or censorship. Decentralisation, however, appears difficult to be…
Voting methods weighted by stakes are the fundamental governance paradigm in Proof-of-Stake (PoS) blockchains. Such a paradigm is known to be prone to power distortions: a few users possessing large stakes may completely control decision…
The security of blockchain systems depends on the distribution of mining power across participants. If sufficient mining power is controlled by one entity, they can force their own version of events. This may allow them to double spend…
A blockchain is a decentralized ledger where all transactions are recorded. For having a reliable blockchain and double-spending prevention, we need a decentralized consensus and agreement on a blockchain. Bitcoin uses proof-of-work (PoW).…
Decentralization is a fundamental design element of the Web3 economy. Blockchains and distributed consensus mechanisms are touted as fault-tolerant, attack-resistant, and collusion-proof because they are decentralized. Recent analyses,…
Blockchain consensus mechanisms must balance security, decentralization, and efficiency while ensuring fair participation. Proof of Team Sprint (PoTS) is a cooperative consensus mechanism designed to address the energy inefficiencies and…
Proof-of-stake (PoS) has emerged as a natural alternative to the resource-intensive Proof-of-Work (PoW) blockchain, as was recently seen with the Ethereum Merge. PoS-based blockchains require an initial stake distribution among the…
The blockchain initially gained traction in 2008 as the technology underlying bitcoin, but now has been employed in a diverse range of applications and created a global market worth over $150B as of 2017. What distinguishes blockchains from…
The blockchain data structure maintained via the longest-chain rule---popularized by Bitcoin---is a powerful algorithmic tool for consensus algorithms. Such algorithms achieve consistency for blocks in the chain as a function of their depth…
Blockchain has been regarded as a promising technology for Internet of Things (IoT), since it provides significant solutions for decentralized network which can address trust and security concerns, high maintenance cost problem, etc. The…
Blockchain consensus mechanisms have relied on algorithms such as Proof-of-Work (PoW) and Proof-of-Stake (PoS) to ensure network functionality and integrity. However, these approaches struggle with adaptability for decision-making where the…
We describe MaGPoS, a novel consensus mechanism which is well suited to decentralized blockchain based protocols. MaGPoS is based on a combination of the well known physics of nano-scale magnetism, and previous implementations of proof of…
Blockchain has become a popular decentralized paradigm for various applications in the zero-trust environment. The core of the blockchain is the consensus protocol, which establishes consensus among all the participants. PoW (Proof-of-Work)…
The proof-of-work consensus protocol suffers from two main limitations: waste of energy and offering only probabilistic guarantees about the status of the blockchain. This paper introduces SklCoin, a new Byzantine consensus protocol and its…
Consensus protocols used today in blockchains often rely on computational power or financial stakes - scarce resources. We propose a novel protocol using social capital - trust and influence from social interactions - as a non-transferable…
We introduce Unity, a new consensus algorithm for public blockchain settings. Unity is an eventual consistency protocol merging the Proof-of-Work (PoW) and Proof-of-Stake (PoS) into a coherent stochastic process. It encompasses hardware and…
Decentralization has been touted as the principal security advantage which propelled blockchain systems at the forefront of developments in the financial technology space. Its exact semantics nevertheless remain highly contested and…