A Hybrid Proof based Consensus Algorithm for Permission less Blockchain
Arjun Suresh, Akshay R. Nair, Aravind Lal, Mohana Kumaran S., Greeshma Sarath · 2020 Second International Conference on Inventive Research in Computing Applications (ICIRCA) · 2020
Digital growth with latest technologies have rendered more comfort to end-users in terms of online transactions. But such online transactions have paved for a steep increase in the crime rate with more fraudulent activities. Major cryptocurrencies such as Bitcoin and Ethereum play a major role in handling such illegal behavior of hackers. Blockchain is the basic concept of cryptocurrencies. It is realized as an immutable ledger which implements transactions in a decentralized manner. As the network is decentralized; achieving consensus between each node can be quite a difficult task. Fortunately, this problem can be solved with the help of consensus algorithms. There are numerous ways in which consensus can be achieved. However, in this paper, on proof-based consensus methods are primarily focused on. The majorities of the proof-based consensus algorithms are susceptible to a 51% attack and also lead to high transaction times. These problems can be overcome using a modified approach on an already existing hybrid proof-based algorithm known as “2-hop blockchain”.