Proof of Reputation
Qianwei Zhuang, Yuan Liu, Lisi Chen, Zhengpeng Ai · 2019
A consensus mechanism serves as a basic and essential component of a blockchain based system (e.g. an IoT system) and constructs the decentralized trustworthiness between the decentralized nodes/things in the system network. The design of the consensus mechanism strongly impacts the blockchain system performance, including transaction capacity, scalability, and security. The Traditional consensus mechanisms (i.e., PoW and PoS) have encountered great challenges and require further investigation. In this work, a proof of reputation consensus mechanism is proposed, where the reputation of a node is constructed based on its asset, transaction activity, and consensus participation. In the proposed mechanism, a new block is generated by the leader node with the highest reputation and the new block is validated and confirmed through the reputation based voting. The rewards from generating the new block are then divided among the validators in proportion to their reputation values.