A Proof of Stake Sharding Protocol for Scalable Blockchains

Yuefei Gao, Hajime Nobuhara

Abstract


Cryptocurrencies such as Bitcoin has drawn great attention recently. The public ledger blockchain serves as a secure database for cryptocurrencies. However, only 3 to 7 transactions can be processed per second, which means the blockchain does not scale. To address this problem, we propose a new consensus protocol based on sharding and proof of stake. The scalability of our proposed method is expected to increase linearly with the network size. We discuss proposed method from the scalability evaluation, complexity and security view.


Full Text:

PDF

References


Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. [Online]. Available: https://bitcoin.org/bitcoin.pdf

Crypto Currency Market Capitalizations. [Online]. Available: https://coinmarketcap.com/currencies/views/all/

COINFOX. (2016). Bitcoin venture capital in 2016: slowing growth rate. [Online]. Available: http://www.coinfox.info/news/reviews/6496-bitcoin-venture-capital-in-2016-slowing-growth-rate

Swan, M. (2015). “Blockchain 2.0: Contracts,” in Blockchain: Blueprint for a new economy. "O'Reilly Media, Inc.", p. 10.

Eyal, I., Gencer, A. E., Sirer, E. G., & Van Renesse, R. (2016, March). Bitcoin-ng: A scalable blockchain protocol. In 13th USENIX Symposium on Networked Systems Design and Implementation (NSDI 16) (pp. 45-59). USENIX Association..

Croman, K., Decker, C., Eyal, I., Gencer, A. E., Juels, A., Kosba, A.. & Song, D. (2016, February). On Scaling Decentralized Blockchains. In International Conference on Financial Cryptography and Data Security (pp. 106-125). Springer Berlin Heidelberg.

Luu, L., Narayanan, V., Zheng, C., Baweja, K., Gilbert, S., & Saxena, P. (2016, October). A secure sharding protocol for open blockchains. In Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (pp. 17-30). ACM.

Scalability. Bitcoin wiki. [Online]. Available: https://en.bitcoin.it/wiki/Scalability.

PayPal. [Online]. Available: https://web.archive.org/web/20141226073503/https://www.paypal-media.com/about .

VISA. [Online]. Available: https://usa.visa.com/dam/VCOM/download/corporate/media/visa-fact-sheet-Jun2015.pdf

Proof of work. bitcoinwiki. [Online]. Available: https://en.bitcoin.it/wiki/Proof_of_work

Proof of Stake versus Proof of Work. [Online]. Available: http://bitfury.com/content/5-white-papers-research/pos-vs-pow-1.0.2.pdf

What Proof of Stake Is And Why It Matters. [Online]. Available: https://bitcoinmagazine.com/articles/what-proof-of-stake-is-and-why-it-matters-1377531463/

PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake. [Online]. Available: https://peercoin.net/whitepaper .

Proof of Stake FAQ. [Online]. Available: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ

A Proof of Stake Design Philosophy. [Online]. Available: https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51

On sharding blockchains. [Online]. Available: https://github.com/ethereum/wiki/wiki/Sharding-FAQ

Luu, L., Narayanan, V., Zheng, C., Baweja, K., Gilbert, S., & Saxena, P. (2016, October). A secure sharding protocol for open blockchains. In Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (pp. 17-30). ACM

Bradbury, D. (2013). The problem with Bitcoin. Computer Fraud & Security, 2013(11), 5-8.

Larimer, D. (2013). Transactions as Proof-of-Stake. [Online]. Available: https://bravenewcoin.com/assets/Uploads/TransactionsAsProofOfStake10.pdf


Refbacks

  • There are currently no refbacks.