Blockchain: consensus algorithm key performance indicators, trade-offs, current trends, common drawbacks, and novel solution proposals
Consensus protocols stand behind the success of blockchain technology. This is because parties that distrust each other can make secure transactions without the oversight of a central authority. The first consensus protocol emerged with Bitcoin. Since then, many others have appeared. Some of them...
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| Main Authors: | , , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI
2022
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/99198/7/99198_Blockchain_consensus%20algorithm%20key%20performance%20indicators.pdf http://irep.iium.edu.my/99198/ https://www.mdpi.com/journal/mathematics https://doi.org/10.3390/math10152754 |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English |
| Summary: | Consensus protocols stand behind the success of blockchain technology. This is because parties
that distrust each other can make secure transactions without the oversight of a central authority.
The first consensus protocol emerged with Bitcoin. Since then, many others have appeared. Some of
them have been implemented by official blockchain platforms, whereas others, for the time being, remain
as proposals. A blockchain consensus is a trade-off. The new solutions promise to overcome the
known drawbacks of blockchain, but they may also bring new vulnerabilities. Moreover, blockchain
performance metrics are not clearly defined, as some metrics, such as delay and throughput, which
are key factors for the efficiency of standard networks, are purposely constrained by most mainstream
blockchain platforms. The main body of this paper consolidates knowledge of blockchains, focusing
on the seminal consensus protocols in large-scale market capitalization platforms, and how consensus
is achieved for large-scale, decentralized, blockchain architectures. The benefits, limitations, and
tradeoffs, as well as the subsequent trend in current consensus development, and its limitations as a
general paradigm, are highlighted. The paper also sheds light on overlooked potential performance
metrics, and it proposes some novel solutions to some of the identified problems. |
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