How Hard is Takeover in DPoS Blockchains? Understanding the Security of Coin-based Voting Governance

Chao Li, Balaji Palanisamy, Runhua Xu, Li Duan, Jiqiang Liu, Wei Wang

202317 citationsDOI

Abstract

Delegated-Proof-of-Stake (DPoS) blockchains, such as EOSIO, Steem and TRON, are governed by a committee of block producers elected via a coin-based voting system. We recently witnessed the first de facto blockchain takeover that happened between Steem and TRON. Within one hour of this incident, TRON founder took over the entire Steem committee, forcing the original Steem community to leave the blockchain that they maintained for years. This is a historical event in the evolution of blockchains and Web 3.0. Despite its significant disruptive impact, little is known about how vulnerable DPoS blockchains are in general to takeovers and the ways in which we can improve their resistance to takeovers.

Topics & Concepts

VotingCorporate governanceBlock (permutation group theory)De factoComputer scienceComputer securityForcing (mathematics)Event (particle physics)Semantic reasonerElectronic votingBusinessPolitical scienceLawPoliticsArtificial intelligenceGeologyGeometryQuantum mechanicsPhysicsMathematicsFinanceClimatologyBlockchain Technology Applications and SecurityCrime, Illicit Activities, and GovernanceFinTech, Crowdfunding, Digital Finance