Distributed Hybrid Double-Spending Attack Prevention Mechanism for Proof-of-Work and Proof-of-Stake Blockchain Consensuses

Nur Arifin Akbar, Amgad Muneer, Narmine ElHakim and Suliman Mohamed Fati
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Nur Arifin Akbar: Research Department, Idenitive Mashable Prototyping, Banyumas 53124, Indonesia
Amgad Muneer: Department of Computer and Information Sciences, Universiti Teknologi PETRONAS, Seri Iskandar 32160, Malaysia
Narmine ElHakim: College of Computer and Information Sciences, Prince Sultan University, Riyadh 11586, Saudi Arabia
Suliman Mohamed Fati: College of Computer and Information Sciences, Prince Sultan University, Riyadh 11586, Saudi Arabia

Future Internet, 2021, vol. 13, issue 11, 1-20

Abstract: Blockchain technology is a sustainable technology that offers a high level of security for many industrial applications. Blockchain has numerous benefits, such as decentralisation, immutability and tamper-proofing. Blockchain is composed of two processes, namely, mining (the process of adding a new block or transaction to the global public ledger created by the previous block) and validation (the process of validating the new block added). Several consensus protocols have been introduced to validate blockchain transactions, Proof-of-Work (PoW) and Proof-of-Stake (PoS), which are crucial to cryptocurrencies, such as Bitcoin. However, these consensus protocols are vulnerable to double-spending attacks. Amongst these attacks, the 51% attack is the most prominent because it involves forking a blockchain to conduct double spending. Many attempts have been made to solve this issue, and examples include delayed proof-of-work (PoW) and several Byzantine fault tolerance mechanisms. These attempts, however, suffer from delay issues and unsorted block sequences. This study proposes a hybrid algorithm that combines PoS and PoW mechanisms to provide a fair mining reward to the miner/validator by conducting forking to combine PoW and PoS consensuses. As demonstrated by the experimental results, the proposed algorithm can reduce the possibility of intruders performing double mining because it requires achieving 100% dominance in the network, which is impossible.

Keywords: blockchain; proof of work; proof of stake; consensus mechanism; 51% attack; double-mining attack; technological development (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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