Research Area:  Blockchain Technology

Abstract:

In the digital economy era, the development of a distributed robust economy system has become increasingly important. The blockchain technology can be used to build such a system, but current mainstream consensus protocols are vulnerable to attack, making blockchain systems unsustainable. In this paper, we propose a new Robust Proof of Stake (RPoS) consensus protocol, which uses the amount of coins to select miners and limits the maximum value of the coin age to effectively avoid coin age accumulation attack and Nothing-at-Stake (N@S) attack. Under a comparison framework, we show that the RPoS equals or outperforms Proof of Work (PoW) protocol and Proof of Stake (PoS) protocol in three dimensions: energy consumption, robustness, and transaction processing speed. To compare the three consensus protocols in terms of trade efficiency, we built an agent-based model and find that RPoS protocol has greater or similar trade request-satisfied ratio than PoW and PoS. Hence, we suggest that RPoS is very suitable for building a robust digital economy distributed system.

Keywords:  

Author(s) Name:  Aiya Li ,Xianhua Wei and Zhou He

Publisher name:  MDPI

DOI:  10.3390/su12072824

Volume Information:  Volume 12, Issue 7

Paper Link:   https://www.mdpi.com/2071-1050/12/7/2824