Network Participation and Accessibility of Proof-of-Stake (PoS) Blockchains: A Cross-platform Comparative Analysis

• URL: http://arxiv.org/abs/2305.13259v1
• Date: Mon, 22 May 2023 17:31:27 GMT
• Title: Network Participation and Accessibility of Proof-of-Stake (PoS) Blockchains: A Cross-platform Comparative Analysis
• Authors: Jiseong Noh, Donghwan Kwon, Soohwan Cho, Neo C.K. Yiu
• Abstract summary: The comparative analysis examined eleven Proof-of-Stake (PoS) consensus-based blockchain networks to assess their openness. Networks with higher openness included Solana and Avalanche, while BNB Chain, Klaytn, and Polygon measured with lower levels of openness.
• Score: 0.0
• License: http://creativecommons.org/licenses/by-nc-sa/4.0/
• Abstract: The comparative analysis examined eleven Proof-of-Stake (PoS) consensus-based blockchain networks to assess their openness based on five indicative metrics. These metrics include those of decentralization-related aspects, such as the number of validators and capital concentration, and participation-related aspects, including entry capital requirements and economic network stability. This is to assess and characterize the openness of Proof-of-Stake blockchain networks. The analysis suggested that networks with higher openness included Solana and Avalanche, while BNB Chain, Klaytn, and Polygon measured with lower levels of openness. According to the comparative analysis, Ethereum scored high on network openness in terms of the number of participants and the cost of running the chain, but scored relatively low on capital concentration and staking ratio, which is likely due to the low ratio of staked ether (ETH) to circulating supply and the significant stakes in staking pools like Lido. Permissioned blockchains such as Klaytn and Polygon have limited openness, which suggests the need to take the level of openness into account when transitioning into a permissionless blockchain architecture with a more decentralized setting.

Related papers

• Blockchains for Internet of Things: Fundamentals, Applications, and Challenges [38.29453164670072]
  Not every blockchain system is suitable for specific IoT applications. Public blockchains are not suitable for storing sensitive data. We explore the blockchain's application in three pivotal IoT areas: edge AI, communications, and healthcare.
  arXiv  Detail & Related papers  (2024-05-08T04:25:57Z)
• Fuzzychain: An Equitable Consensus Mechanism for Blockchain Networks [12.433289572707212]
  Fuzzychain is a proposed solution to the drawbacks of Proof of Stake (PoS) It introduces the use of fuzzy sets to define stake semantics, promoting decentralised and distributed processing control. Our results indicate that Fuzzychain not only matches PoS in functionality but also ensures a fairer distribution of stakes among validators.
  arXiv  Detail & Related papers  (2024-04-20T10:01:40Z)
• Enhancing Trust and Privacy in Distributed Networks: A Comprehensive Survey on Blockchain-based Federated Learning [51.13534069758711]
  Decentralized approaches like blockchain offer a compelling solution by implementing a consensus mechanism among multiple entities. Federated Learning (FL) enables participants to collaboratively train models while safeguarding data privacy. This paper investigates the synergy between blockchain's security features and FL's privacy-preserving model training capabilities.
  arXiv  Detail & Related papers  (2024-03-28T07:08:26Z)
• Analyzing Reward Dynamics and Decentralization in Ethereum 2.0: An Advanced Data Engineering Workflow and Comprehensive Datasets for Proof-of-Stake Incentives [5.18461573800406]
  Smart contract blockchain platform, Proof-of-Stake 2.0, guarantees precise execution of applications without third-party intervention. Our study collects consensus reward data from the Beacon chain and conducts a comprehensive analysis of reward distribution and evolution. To evaluate the degree of decentralization in PoS, we apply several inequality indices, including the Shannon entropy, the Gini Index, the Nakamoto Coefficient, and the Herfindahl-Hirschman Index (HHI)
  arXiv  Detail & Related papers  (2024-02-17T02:40:00Z)
• Generative AI-enabled Blockchain Networks: Fundamentals, Applications, and Case Study [73.87110604150315]
  Generative Artificial Intelligence (GAI) has emerged as a promising solution to address challenges of blockchain technology. In this paper, we first introduce GAI techniques, outline their applications, and discuss existing solutions for integrating GAI into blockchains.
  arXiv  Detail & Related papers  (2024-01-28T10:46:17Z)
• How Does Stake Distribution Influence Consensus? Analyzing Blockchain Decentralization [10.679753825744964]
  This study first formalizes decentralization metrics for weighted consensus mechanisms. We introduce the Square Root Stake Weight (SRSW) model, which effectively recalibrates staking weight distribution. This research is a pivotal step toward a more fair and equitable distribution of staking weight, advancing the decentralization in blockchain consensus mechanisms.
  arXiv  Detail & Related papers  (2023-12-21T15:32:20Z)
• PTTS: Zero-Knowledge Proof-based Private Token Transfer System on Ethereum Blockchain and its Network Flow Based Balance Range Privacy Attack Analysis [0.0]
  We propose a Private Token Transfer System (PTTS) for the public blockchain. For the proposed framework, zero-knowledge based protocol has been designed using Zokrates and integrated into our private token smart contract. In the second part of the paper, we provide security and privacy analysis including the replay attack and the balance range privacy attack.
  arXiv  Detail & Related papers  (2023-08-29T09:13:31Z)
• Refined Bitcoin Security-Latency Under Network Delay [35.16231062731263]
  We study how secure a block is after it becomes $k$-deep in the chain. We analyze the race between adversarial and honest chains in three different phases. We find the probability distribution of the growth of the adversarial chains under models similar to those in [Guo, Ren; AFT 2022] when a target block becomes $k$-deep in the chain.
  arXiv  Detail & Related papers  (2022-12-02T18:54:30Z)
• Quantum-resistance in blockchain networks [46.63333997460008]
  This paper describes the work carried out by the Inter-American Development Bank, the IDB Lab, LACChain, Quantum Computing (CQC), and Tecnologico de Monterrey to identify and eliminate quantum threats in blockchain networks. The advent of quantum computing threatens internet protocols and blockchain networks because they utilize non-quantum resistant cryptographic algorithms.
  arXiv  Detail & Related papers  (2021-06-11T23:39:25Z)
• Quantum Multi-Solution Bernoulli Search with Applications to Bitcoin's Post-Quantum Security [67.06003361150228]
  A proof of work (PoW) is an important cryptographic construct enabling a party to convince others that they invested some effort in solving a computational task. In this work, we examine the hardness of finding such chain of PoWs against quantum strategies. We prove that the chain of PoWs problem reduces to a problem we call multi-solution Bernoulli search, for which we establish its quantum query complexity.
  arXiv  Detail & Related papers  (2020-12-30T18:03:56Z)
• Zero-Knowledge Proof-of-Identity: Sybil-Resistant, Anonymous Authentication on Permissionless Blockchains and Incentive Compatible, Strictly Dominant Cryptocurrencies [0.0]
  Zero-Knowledge Proof-of-Identity from trusted public certificates (e.g., national identity cards and/or ePassports; eSIM) is introduced here to permissionless blockchains. The proposed solution effectively limits the number of mining nodes a single individual would be able to run while keeping membership open to everyone.
  arXiv  Detail & Related papers  (2019-05-22T12:06:03Z)

This list is automatically generated from the titles and abstracts of the papers in this site.

This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.