Cryptology ePrint Archive: Report 2017/367

Forking-Free Hybrid Consensus with Generalized Proof-of-Activity

Shuyang Tang, Zhiqiang Liu, Sherman S. M. Chow, Zhen Liu, and Yu Long

Abstract: Bitcoin and its underlying blockchain mechanism have been attracting much attention. One of their core innovations, Proof-of-Work (PoW), is notoriously inefficient and potentially motivates a centralization of computing power, which defeats the original aim of decentralization. Proof-of-Stake (PoS) is later proposed to replace PoW. However, both PoW and PoS have different inherent advantages and disadvantages, so does Proof-of-Activity (PoA) of Bentov et al. (SIGMETRICS 2014) which only offers limited combinations of two mechanisms. On the other hand, the hybrid consensus protocol of Pass and Shi (ePrint 2016/917) aims to improve the efficiency by dynamically maintaining a rotating committee. Yet, there are unsatisfactory issues including selfish mining and fair committee election. In this paper, we firstly devise a generalized variant of PoW. After that, we leverage our newly proposed generalized PoW to construct forking-free hybrid consensus, which addresses issues faced by a regular hybrid consensus mechanism. We further combine our forking-free hybrid consensus mechanism with PoS for a generalization of PoA. Compared with PoA, our generalized PoA improves the efficiency and provides more flexible combinations of PoW and PoS, resulting in a more powerful and applicable consensus scheme.

Category / Keywords: Blockchain, Consensus, Cryptocurrency, Hybrid consensus, Practical Byzantine Fault Tolerance, Proof-of-Stake, Proof-of-Work

Date: received 23 Apr 2017, last revised 5 Jul 2017

Contact author: htftsy at sjtu edu cn

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Version: 20170706:043434 (All versions of this report)

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