Towards True Decentralization: Development, Testing and Evaluation of a Novel Blockchain Consensus Protocol

Abstract

The blockchain technology that powers the Bitcoin network was unveiled to the world in 2008. After more than a decade of research and development, a number of blockchain systems have been put out by both industry and academics. This research undertaking brings attention to a significant issue that impacts both blockchain users and cryptocurrency investors. The concern regarding true decentralization in existing blockchain platforms has long been a prominent topic within the blockchain community. Although Proof of Work (PoW), Proof of Stake (PoS), and hybrid approaches are commonly employed in blockchain systems, both methods exhibit limitations concerning decentralization. Despite the emergence of alternative consensus protocols, none have thus far achieved complete decentralization. This project aims to devise and implement an innovative consensus protocol that circumvents tendencies toward centralization, accommodates any number of network participants, eliminates the requirement for specialized hardware, reduces energy consumption, and fosters network activities. The proposed protocol advocates for a democratic and equitable approach to blockchain consensus. A comprehensive evaluation is conducted to assess the degree of achieved decentralization. The solution successfully demonstrates genuine decentralization. The test results also indicate enhanced security, and high performance, while obviating the need for specialized hardware and reducing energy consumption.