Survey on Blockchain Evolution and Proof-of-Stake Consensus Algorithm
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International Journal of Engineering Trends and Technology (IJETT) | 
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| © 2021 by IJETT Journal | ||
| Volume-69 Issue-4 |
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| Year of Publication : 2021 | ||
| Authors : Myung-Suk Lee, Kee-Joo Kim |
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| DOI : 10.14445/22315381/IJETT-V69I4P220 |
Citation
MLA Style: Myung-Suk Lee, Kee-Joo Kim "Survey on Blockchain Evolution and Proof-of-Stake Consensus Algorithm" International Journal of Engineering Trends and Technology 69.4(2021):139-141.
APA Style:Myung-Suk Lee, Kee-Joo Kim. Survey on Blockchain Evolution and Proof-of-Stake Consensus Algorithm International Journal of Engineering Trends and Technology, 69(4),139-141.
Abstract
Blockchain has been steadily evolving and is used across various applications owing to its transparency, decentralization, immutability, and reliability characteristics. In this research, we have summarized the technological evolution of blockchain and investigated the principle of the proof-of-stake (PoS) algorithm among blockchain consensus algorithms and potential problems. As a research method, blockchain evolution is summarized based on the generation, and the principle of block creation and various attack vectors in the PoS algorithm are investigated. While the proof-of-work method has been applied to Bitcoin and its stability proven through numerous tests in practice, the PoS method has not yet been rigorously tested. As PoS has been drawing attention as a new consensus algorithm, we herein predict and review its potential drawbacks and problems.
Reference
[1] S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, www.bitcoin.org,
[2] Proof-of-work system. Online: https://en.wikipedia.org/wiki/Proof-of-work_system (2020).
[3] Ethereum`s Casper. Online: https://cyber.stanford.edu/sites/g/files/ sbiybj9936/f/ethereum_ proof_of_stake_ casper_ffg_2017_chronicles. pdf (2020)
[4] An Introduction to Hyperledger. Online: https://www.hyperledger. org/wp-content/uploads/2018/07/HL_Whitepaper_Introductionto Hyperledger.pdf (2020).
[5] HashNet, http://wiki.hash.kr/index.php/brain_behlendorf (2020).
[6] Proof-of-stake. Online: https://en.wikipedia.org/wiki/Proof-of-stake (2020).
[7] M. S. Lee, K. J. Kim, A Survey on Consensus Algorithm of Blockchain: Focusing on PoW”, Proceedings of KSCI Conference 28(2020) 567-570.
[8] Banksalad, https://banksalad.com/contents/lr7RH (2020).
Keywords
Blockchain, Proof-of-Stake, Consensus Algorithm, Blockchain Evolution.