Delegated Proof of Stake With Downgrade: A Secure and Efficient Blockchain Consensus Algorithm With Downgrade Mechanism

Yang, Fan; Zhou, Wei; Wu, Qingqing; Long, R G; Xiong, Naixue; Zhou, Meiqi

doi:10.1109/access.2019.2935149

Cited by 210 publications

(108 citation statements)

References 23 publications

(24 reference statements)

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“…These permissions networks need to decide on the mining rights or voting principles. It ensures a secure login into the system, as the network requires identification before joining the miners [ 16 ]. Practical Byzantine fault tolerance (PBFT) is always designed for practical use and extremely easy to implement, and it replicates the system but gets rid of the main Byzantine general problem.…”

Section: Methodsmentioning

confidence: 99%

A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry

Chen

Cai

et al. 2020

Entropy

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In this paper, a Blockchain-driven platform for supply chain finance, BCautoSCF (Zhi-lian-che-rong in Chinese), is introduced. It is successfully established as a reliable and efficient financing platform for the auto retail industry. Due to the Blockchain built-in trust mechanism, participants in the supply chain (SC) networks work extensively and transparently to run a reliable, convenient, and traceable business. Likewise, the traditional supply chain finance (SCF), partial automation of SCF workflows with fewer human errors and disruptions was achieved through smart contract in BCautoSCF. Such open and secure features suggest the feasibility of BCautoSCF in SCF. As the first Blockchain-driven SCF application for the auto retail industry in China, our contribution lies in studying these pain points existing in traditional SCF and proposing a novel Blockchain-driven design to reshape the business logic of SCF to develop an efficient and reliable financing platform for small and medium enterprises (SMEs) in the auto retail industry to decrease the cost of financing and speed up the cash flows. Currently, there are over 600 active enterprise users that adopt BCautoSCF to run their financing business. Up to October 2019, the BCautoSCF provides services to 449 online/offline auto retailors, three B2B asset exchange platforms, nine fund providers, and 78 logistic services across 21 provinces in China. There are 3296 financing transactions successfully completed in BCautoSCF, and the amount of financing is ¥566,784,802.18. In the future, we will work towards supporting a full automation of SCF workflow by smart contracts, so that the efficiency of transaction will be further improved.

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Section: Methodsmentioning

confidence: 99%

A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry

Chen

Cai

et al. 2020

Entropy

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“…The top 20 witnesses, plus one extra witness chosen at random, are also in charge of producing new blocks. The consensus protocol used by Steemit is the Delegated Proof of Stake (DPoS) [38], which enables the possibility to mine blocks at a fixed rate. Blocks are produced once each 3 seconds, which is a crucial property for social applications.…”

Section: Steem: the Social Blockchainmentioning

confidence: 99%

Steem Blockchain: Mining the Inner Structure of the Graph

2020

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Since their introduction, Online Social Networks (OSNs) have transformed the way people interact with each other. Lately, a new trend is rising in the development of OSNs, fueled by an increasing interest of the blockchain technology and the benefits it can bring to the world of OSNs. Blockchain Online Social Media (BOSMs) are Social Media applications that are supported by the blockchain technology. Thanks to a blockchain, BOSMs either try to enforce the privacy of the users or try to redistribute with their users the economic wealth generated by the platform through a rewarding system. There are countless BOSMs available which incorporate a rewarding system. Among them, Steemit can be considered the most wellknown platform exceeding 1 million registered users. Steemit is supported by the blockchain Steem, which is a blockchain that natively supports the development of social applications by the usage of transactions that model social activity. Even if other important blockchains, such as Ethereum has been widely analysed, at the best of our knowledge, no study exists concerning the topology of the transactions graph of Steem. The main goal of this paper is to study the structure of the Steem transaction graph to understand its characteristics and unveil crucial knowledge concerning their users. More in detail, we build the Interactions Graph and, after its study, we evaluate three subgraphs that capture its social and monetary aspects. The degree distributions of the graphs follow a power-law. Additionally, we detect a substantial number of bots that offer paid services on the platform among the most active users. Lastly, the investigation of the four analysed graphs through a bow-tie structure, suggesting that half of the users have a passive social behaviour and that 80% of the users tend to accrue economic value.

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“…All information is then updated synchronously to the entire network so that each peer (node in the network) keeps a record of the same ledger. Using its consensus algorithm, integrity of the information recorded in the ledger can be assured without intervention of a third authority [36]. Various consensus algorithms have been developed such as PoW, PoS, Delegated Proof of Stake (DPoS), Ripple Protocol Consensus Algorithm (RPCA) and AlgoRand [36].…”

Section: Blockchain and Smart Contract: An Overviewmentioning

confidence: 99%

“…Using its consensus algorithm, integrity of the information recorded in the ledger can be assured without intervention of a third authority [36]. Various consensus algorithms have been developed such as PoW, PoS, Delegated Proof of Stake (DPoS), Ripple Protocol Consensus Algorithm (RPCA) and AlgoRand [36]. The consensus algorithm is the most important factor of the entire blockchain system, because its efficiency determines the blockchain's performance directly.…”

Section: Blockchain and Smart Contract: An Overviewmentioning

confidence: 99%