Toward Next Generation of Blockchain Using Improvized Bitcoin-NG
Debasis Das
Abstract
The Bitcoin-Next Generation (NG) is a new blockchain protocol that is designed to scale the efficiency in terms of throughput and delay. Bitcoin-NG is a Byzantine fault-tolerant blockchain protocol robust to extreme churn and shares the same trust model as Bitcoin. Researchers are trying to extend their applications by integrating them with existing technologies, such as the Internet of Things (IoT). However, due to high computational power and high consensus delay, current blockchain protocols, such as Bitcoin, are not suitable for working with lightweight IoT devices. Moreover, they are not energy-efficient as the mining of blocks requires dedicated mining machines that consume electricity. However, protocols, such as Bitcoin-NG, are designed to reduce the consensus delay, but they still need high computational power and high energy. This article proposes a new mechanism for blockchain to reduce the consensus delay, reduce energy consumption, and increase the throughput by introducing a new leader election scheme in the blockchain.