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Title: | Novel Consensus Algorithm for Blockchain Using Proof-of-Majority (PoM) |
Authors: | Chamola, Vinay |
Keywords: | EEE Blockchains Proof of majority Decentralization Consensus algorithm and peer-to-peer computing |
Issue Date: | Oct-2022 |
Publisher: | IEEE |
Abstract: | The popularity of Blockchain is rising on account of its far-reaching applications in diverse industries. However, recently, blockchain has seen a rise of energy extensive mining pools which is leading to centralization, contradicting the basic blockchain tenet of decentralization. This letter proposes a novel consensus algorithm using Proof of Majority (PoM), to increase decentralization and to eliminate resource-intensive tasks leading to a reduced carbon footprint. We have evaluated the proposed algorithm in terms of latency and throughput. The proposed consensus algorithm outperforms popular existing consensus algorithms. |
URI: | https://ieeexplore.ieee.org/abstract/document/9916514 http://dspace.bits-pilani.ac.in:8080/xmlui/handle/123456789/9847 |
Appears in Collections: | Department of Electrical and Electronics Engineering |
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