Modeling and Analysis of Proof-Based Strategies for Distributed Consensus in Blockchain-Based Peer-to-Peer Networks
Majed Abdullah Alrowaily, Mansoor Alghamdi, Ibrahim S. Alkhazi, Ahmad B. Hassanat, Musab Mutasim Saeed Arbab, Charles Z. Liu
Abstract
Blockchain technology has a wide range of applicability in the fields of transportation infrastructure construction and maintenance, transportation big data analysis and application, expressway toll collection, and logistics. The core technology lies in the distributed, decentralized, immutable, and programmable features brought about by consensus. This paper studies the dynamic analytical modeling of Proof-Based Consensus (PBC) strategies in blockchain systems, focusing on basic strategies, including Proof of Work (PoW), Proof of Stake (PoS), Proof of Authority (PoA), and Proof of Luck (PoL), which can be extended to other PBC models. We focus on modeling these typical strategies and discuss their solution characteristics in terms of algorithmic mechanisms and principles. The relevant results can be used for quantitative analysis and evaluation of distributed consensus based on the model.