A Truly Decentralized Blockchain Consensus Protocol that Avoids Concentration of Power

Abstract

A consensus protocol plays a vital role in any blockchain platform by ensuring all components agree on common data values and follow the same course of action, even in the presence of defective components. This research project has discovered a problem associated with contemporary blockchain consensus protocols, which has an impact on both users of blockchain technology and investors in cryptocurrencies. The question of whether current blockchain platforms are truly decentralized has been raised by the blockchain community over a period of time. The most popular blockchains use Proof of Work (PoW), Proof of Stake (PoS), or a combination of both, but both systems have limitations in terms of decentralization. Several alternative consensus protocols have emerged recently, but none have achieved total decentralization or welcomed any level user to be the next miner or forger. Therefore, true decentralization of a blockchain system is more challenging as most of the popular consensus protocols were invented to accommodate decentralization but eventually, driven by the centralization of power. This paper proposes a truly decentralized consensus protocol that is capable of avoiding the centralization of power even in the future regardless of the number of peers. The protocol also makes sure it avoids the use of specialized hardware resources, decreases the level of energy consumption, and encourages network activities. Additionally, the novel consensus protocol offers a more democratic and fair approach to blockchain consensus.