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Simulating Blockchain Consensus Protocols in Julia: Proof of Work vs Proof of Stake

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Artificial Intelligence Applications and Innovations. AIAI 2022 IFIP WG 12.5 International Workshops (AIAI 2022)

Part of the book series: IFIP Advances in Information and Communication Technology ((IFIPAICT,volume 652))

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Abstract

Consensus protocols constitute an important part in virtually any blockchain stack as they safeguard transaction validity and uniqueness. This task is achieved in a distributed manner by delegating it to certain nodes which, depending on the protocol, may further utilize the computational resources of other nodes. As a tangible incentive for nodes to verify transactions many protocols contain special reward mechanisms. They are typically inducement prizes aiming at increasing node engagement towards blockchain stability. This work presents the fundamentals of a probabilistic blockchain simulation tool for studying large transaction volumes over time. Two consensus protocols, the proof of work and the delegate proof of stake, are compared on the basis of the reward distribution and the probability bound of the reward exceeding its expected value. Also, the reward probability as a function of the network distance from the node initiating the transaction is studied.

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Acknowledgment

This conference paper is part of Project 451, a long term research iniative whose primary objective is the development of novel, scalable, numerically stable, and interpretable tensor analytics.

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Authors and Affiliations

  1. Humanistic and Social Informatics Lab, Ionian University, Corfu, Hellas

    Georgios Drakopoulos & Phivos Mylonas

  2. College of Technological Innovation, Zayed University, Dubai, UAE

    Eleanna Kafeza

  3. University of Patras, Patras, Hellas

    Ioanna Giannoukou & Spyros Sioutas

Authors
  1. Georgios Drakopoulos
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  2. Eleanna Kafeza
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  3. Ioanna Giannoukou
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  4. Phivos Mylonas
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  5. Spyros Sioutas
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Corresponding author

Correspondence to Georgios Drakopoulos .

Editor information

Editors and Affiliations

  1. University of Piraeus, Piraeus, Greece

    Ilias Maglogiannis

  2. Democritus University of Thrace, Xanthi, Greece

    Lazaros Iliadis

  3. University of Sunderland, Sunderland, UK

    John Macintyre

  4. Universidade do Minho, Guimaraes, Portugal

    Paulo Cortez

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Drakopoulos, G., Kafeza, E., Giannoukou, I., Mylonas, P., Sioutas, S. (2022). Simulating Blockchain Consensus Protocols in Julia: Proof of Work vs Proof of Stake. In: Maglogiannis, I., Iliadis, L., Macintyre, J., Cortez, P. (eds) Artificial Intelligence Applications and Innovations. AIAI 2022 IFIP WG 12.5 International Workshops. AIAI 2022. IFIP Advances in Information and Communication Technology, vol 652. Springer, Cham. https://doi.org/10.1007/978-3-031-08341-9_29

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  • DOI: https://doi.org/10.1007/978-3-031-08341-9_29

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-08340-2

  • Online ISBN: 978-3-031-08341-9

  • eBook Packages: Computer ScienceComputer Science (R0)

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