Research Area:  Blockchain Technology

Abstract:

Blockchain is a distributed ledger that is decentralized, immutable, and transparent, which maintains a continuously growing list of transaction records ordered into blocks. As the core of blockchain, the consensus algorithm is an agreement to validate the correctness of blockchain transactions. For example, Bitcoin is a public blockchain where each node in Bitcoin uses the Proof of Work (PoW) algorithm to reach a consensus by competing to solve a puzzle. Unlike a public blockchain, a consortium blockchain is an enterprise-level blockchain that does not contend with the issues of creating a resource-saving global consensus protocol. This paper highilights several state-of-the art solutions in consensus algorithms for enterprise blockchain. For example, the HyperLedger by Linux Foundation includes implementing Practical Byzantine Fault Tolerance (PBFT) as the consensus algorithm. PBFT can tolerate a range of malicious nodes and reach consensus with quadratic complexity. Another consensus algorithm, HotStuff, implemented by Facebook-s Libra project, has achieved linear complexity of the authenticator. This paper presents the operational mechanisms of these and other consensus protocols, and analyzes and compares their advantages and drawbacks.

Keywords:  

Author(s) Name:  Wei Yao, Junyi Ye, Renita Murimi, Guiling Wang

Publisher name:  arXiv:2102.12058

DOI:  10.48550/arXiv.2102.12058

Volume Information:  

Paper Link:   https://arxiv.org/abs/2102.12058