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Title: Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities
Authors: Nguyen, Cong T.
Hoang, Dinh Thai
Nguyen, Diep N.
Niyato, Dusit
Nguyen, Huynh Tuong
Dutkiewicz, Eryk
Keywords: Blockchain
Engineering::Computer science and engineering
Consensus Mechanisms
Issue Date: 2019
Source: Nguyen, C. T., Hoang, D. T., Nguyen, D. N., Niyato, D., Nguyen, H. T., & Dutkiewicz, E. (2019). Proof-of-stake consensus mechanisms for future blockchain networks : fundamentals, applications and opportunities. IEEE Access, 7, 85727-85745. doi:10.1109/ACCESS.2019.2925010
Series/Report no.: IEEE Access
Abstract: The rapid development of blockchain technology and their numerous emerging applications has received huge attention in recent years. The distributed consensus mechanism is the backbone of a blockchain network. It plays a key role in ensuring the network's security, integrity, and performance. Most current blockchain networks have been deploying the proof-of-work consensus mechanisms, in which the consensus is reached through intensive mining processes. However, this mechanism has several limitations, e.g., energy inefficiency, delay, and vulnerable to security threats. To overcome these problems, a new consensus mechanism has been developed recently, namely proof of stake, which enables to achieve the consensus via proving the stake ownership. This mechanism is expected to become a cutting-edge technology for future blockchain networks. This paper is dedicated to investigating proof-of-stake mechanisms, from fundamental knowledge to advanced proof-of-stake-based protocols along with performance analysis, e.g., energy consumption, delay, and security, as well as their promising applications, particularly in the field of Internet of Vehicles. The formation of stake pools and their effects on the network stake distribution are also analyzed and simulated. The results show that the ratio between the block reward and the total network stake has a significant impact on the decentralization of the network. Technical challenges and potential solutions are also discussed.
DOI: 10.1109/ACCESS.2019.2925010
Rights: © 2019 IEEE. This journal is 100% open access, which means that all content is freely available without charge to users or their institutions. All articles accepted after 12 June 2019 are published under a CC BY 4.0 license*, and the author retains copyright. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, as long as proper attribution is given.
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:SCSE Journal Articles

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