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Proceedings ArticleDOI

Optimization of a Consensus Protocol in Blockchain-IoT Convergence

01 Mar 2023-
TL;DR: Delegated Proof of Accessibility (DPoAC) is proposed in this paper to minimize the computational resource needs and energy usage demands of the existing proof-based consensus mechanisms, making it appropriate to use in applications with limited resources, such as the Internet of Things.
Abstract: A consensus mechanism determines how partici-pants agree on a transaction or a state change in the distributed ledger technology (DLT) such as blockchain by receiving consent from majority of network participants before inclusion of a block to blockchain. The consensus mechanism is required in almost every blockchain application. Most contemporary blockchain consensus systems need massive processing capabilities, signif-icant energy consumption, and reliance on monetary stake. Because of these limitations, mainstream consensus approaches are unsuitable for low-resource applications such as IoT. As a result, this paper introduces a new consensus protocol known as “Delegated Proof of Accessibility” (DPoAC). The DPoAC protocol minimized the computational resource needs and energy usage demands of the existing proof-based consensus mechanisms, making it appropriate to use in applications with limited resources, such the Internet of Things. In addition, the lack of a financial stake in DPoAC makes it ideal for blockchain-IoT convergence.
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TL;DR: A comprehensive overview of the security and privacy of blockchain can be found in this paper, where the authors introduce the notion of blockchains and its utility in the context of Bitcoin like online transactions.
Abstract: Blockchain offers an innovative approach to storing information, executing transactions, performing functions, and establishing trust in an open environment. Many consider blockchain as a technology breakthrough for cryptography and cybersecurity, with use cases ranging from globally deployed cryptocurrency systems like Bitcoin, to smart contracts, smart grids over the Internet of Things, and so forth. Although blockchain has received growing interests in both academia and industry in the recent years, the security and privacy of blockchains continue to be at the center of the debate when deploying blockchain in different applications. This paper presents a comprehensive overview of the security and privacy of blockchain. To facilitate the discussion, we first introduce the notion of blockchains and its utility in the context of Bitcoin like online transactions. Then we describe the basic security properties that are supported as the essential requirements and building blocks for Bitcoin like cryptocurrency systems, followed by presenting the additional security and privacy properties that are desired in many blockchain applications. Finally, we review the security and privacy techniques for achieving these security properties in blockchain-based systems, including representative consensus algorithms, hash chained storage, mixing protocols, anonymous signatures, non-interactive zero-knowledge proof, and so forth. We conjecture that this survey can help readers to gain an in-depth understanding of the security and privacy of blockchain with respect to concept, attributes, techniques and systems.

198 citations

Journal ArticleDOI
TL;DR: An analysis of the research introducing new consensus protocols and a comprehensive classification framework, integrating knowledge from multiple works in the literature, as well as introducing classification dimensions that have not been proposed before are presented.
Abstract: Blockchain, the underlying technology of Bitcoin, refers to the public ledger used in a distributed network. Because blockchain does not rely on a central authority, peers have to agree on the state of the ledger among themselves, i.e., they have to reach a consensus on the state of the transactions. The way nodes reach that consensus has gained incredible attention in the literature. Bitcoin uses the Proof-of-Work (PoW) mechanism, as did Ethereum at first. The latter decided to move from PoW to Proof-of-Stake (PoS) because of the high energy consumption required by PoW. To date, many other consensus protocols have been proposed to address the limitations of the seminal ones. In this paper, we inform researchers and practitioners about the current state of consensus protocols research. The aim is to provide an analysis of the research introducing new consensus protocols in order to enable a more unified treatment. To that end, we review 28 new consensus protocols and we propose a four-category classification framework: Origin, Design, Performance and Security. We demonstrate the applicability of the framework by classifying the 28 protocols. Many surveys have already been proposed in the literature and some of them will be discussed later in the paper. Yet, we believe that this work is relevant and important for two reasons. Firstly, blockchain being a fast evolving topic, new consensus protocols emerge regularly and improvements are also put forward on a regular basis. Hence, this work aims at reflecting the latest state-of-the-art in terms of consensus protocols. Secondly, we aim to propose a comprehensive classification framework, integrating knowledge from multiple works in the literature, as well as introducing classification dimensions that have not been proposed before. This work demonstrates that multiple consensus have been proposed in a short period of time, and highlights the differences between these protocols. Furthermore, it is suggested that researchers and practitioners who aim to propose consensus protocols in the future should pay attention to all the dimensions presented in the classification framework.

87 citations

Journal ArticleDOI
TL;DR: A comprehensive review of mainstream consensus protocols such as Delegated Proof of Stake (DPoS), Proof of Activity (PoA) and Proof of Work (PoW) is presented in this article.
Abstract: As Blockchain innovation picks up popularity in many areas, it is frequently hailed as a sound innovation. Because of the decentralization and encryption, many imagine that data put away in a Blockchain is and will consistently be protected. Among various abstraction layers of Blockchain architecture, the consensus layer is the core component behind the performance and security measures of the Blockchain network. Consensus mechanisms are a critical component of a Blockchain system’s long-term stability. Consensus forms the core of blockchain technology. Therefore, a range of consensus protocols has been introduced to maximize Blockchain systems’ efficiency and meet application domains’ individual needs. This research paper describes the layered architecture of Blockchain. A comprehensive review of mainstream consensus protocols mainly Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Activity (PoA) is presented in the paper. These mainstream consensus protocols have been explained and detailed performance analysis of these consensus protocols has been done. We have proposed a performance matrix of these consensus protocols based on different parameters like Degree of decentralization, Latency, Fault Tolerance Rate, Scalability, etc. Consensus protocols being the core of a strong fault-tolerant secured blockchain system, the proposed work intends to help inappropriate protocol selection and further research on strengthening trust and ownership in the technology. Depending upon different parameters like decentralization which is low in POA compared to other protocols, whereas POW is non-scalable, so depending on the priority of a particular performance parameter, the paper will help in the selection of a specific protocol.

49 citations

Proceedings ArticleDOI
01 Oct 2017
TL;DR: This paper uses prospect theory to predict the profit that a specific miner, given his hash rate power and electricity costs, is expected to make from each pool, and shows how the utility values from a pool varies with electricity fee and dollar equivalent of a Bitcoin.
Abstract: It is predicted that cryptocurrencies will play an important role in the global economy. Therefore, it is prudent for us to understand the importance and monetary value of such cryptocurrencies, and strategize our investments accordingly. One of the ways to obtain cryptocurrency is via mining. As solo mining is not possible because of the computational requirements, pool mining has gained popularity. In this paper, we focus on Bitcoin and its pools. With more than 20 pools in the network of Bitcoin and other cryptocurrencies, it becomes challenging for a new miner to decide the pool he must join such that the profit is maximized. We use prospect theory to predict the profit that a specific miner, given his hash rate power and electricity costs, is expected to make from each pool. A utility value is calculated for each pool based on its recent performance, hash rate power, total number of the pool members, reward distribution policy of the pool, electricity fee in the new miner's region, pool fee, and the current Bitcoin value. Then, based on these parameters during a certain time duration, the most profitable pool is found for that miner. We show how the utility values from a pool varies with electricity fee and dollar equivalent of a Bitcoin. To find the accuracy of our predictions, we mine Bitcoin by joining 5 different pools- AntPool, F2Pool, BTC.com, Slushl'ool, and BatPool. Using an Antminer 55 for each pool, we mine Bitcoin for 40 consecutive days. Results reveal that our prospect theoretic predictions are consistent with what we actually mine; however predictions using expected utility theory are not as close.

45 citations

Journal ArticleDOI
TL;DR: The interaction between smart contracts and the European data protection framework is examined to highlight uncertainties regarding the interpretation of the legal regime applying to solely automated forms of data processing under the GDPR.
Abstract: This article examines the interaction between smart contracts and Article 22 GDPR. There is currently much debate regarding the potential of smart contracts. In spite of their name, this form of computer code is however neither necessarily smart nor a contract. I argue that they are, however, a form of solely automated data processing under Article 22(1) GDPR and subsequently examine the interaction between smart contracts and the European data protection framework to highlight uncertainties regarding the interpretation of the legal regime applying to solely automated forms of data processing under the GDPR.

13 citations

Trending Questions (1)
What is consensus in blockchain?

Consensus in blockchain refers to the process of participants agreeing on a transaction or state change before it is added to the blockchain.