Quorum-based Tier Approach: Integrating PBFT and PoS in a Hybrid Consensus Mechanism

Abstract

Blockchain technology is an advanced system centered around the concept of a shared and immutable ledger, emphasizing decentralization, security, and transparency. Transactions on a blockchain are securely linked through cryptographic hashes, forming blocks. A fundamental component of blockchain is the consensus mechanism, which comes in various types, each with its own advantages and limitations. For instance, Proof of Work (PoW) faces challenges related to energy consumption, while Proof of Stake (PoS) is susceptible to certain attacks. This paper proposes a hybrid consensus mechanism that integrates Practical Byzantine Fault Tolerance (PBFT) and Proof of Stake (PoS) using a quorum-based tier approach. This new hybrid model combines the refined features of both PoS and PBFT to create a hierarchical structure for reaching consensus. Nodes are categorized into high-tier and low-tier groups, with the consensus process primarily involving high-tier nodes. Low-tier nodes serve as backups in situations like network issues or node failures. Through experimentation it is evident that the hybrid consensus mechanism achieves a balance between decentralization and energy efficiency. The results demonstrate that this newly developed mechanism outperforms several existing consensus algorithms in terms of throughput and latency.