A Rand Index-Based Analysis of Consensus Protocols
Country
Switzerland
Language
English
Cost
Currency
FREE
Date start
2023-07-17
Date end
2023-07-17
Duration
< 1 day
Type
Webinar
Subject
Consensus is the heart of Blockchain Technology. Consensus algorithms suffer from issues of either energy inefficiency in the context of Proof of Work (PoW) or monopoly in the context of Proof of Stake (PoS). In other words, while PoW suffers from scalability and performance and PoS suffers from monopoly, both fairness issues are from various interpretations of the blockchain platform. To overcome these issues, there have been several hybrids of PoW and PoS consensus protocols. In this talk, we show how using Rand index used for cluster analysis can be used for analyzing various aspects of consensus protocols. The analysis focuses on issues like correctness (like fork formulation), and aspects of fairness like overcoming monopoly, equal participation of nodes in block creation, decreased latency in commit transaction, a fair selection of validators, minimizing the size/requirement of permissioned networks, etc. We first demonstrate the approach through applications to Ripple protocol and correlate with its analogies of correctness. Further, we show, how conditions like forkless situations can be realized through our analysis.
