Proof of Vote: A High-Performance Consensus Protocol Based on Vote Mechanism & Consortium Blockchain

Abstract

Bitcoin introduces a revolutionary decentralized consensus mechanism. However, Bitcoin-derived consensus mechanisms applied to public blockchain are inadequate for the deployment scenarios of budding consortium blockchain. We propose a new consensus algorithm, Proof of Vote (POV). The consensus is coordinated by the distributed nodes controlled by consortium partners which will come to a decentralized arbitration by voting. The key idea is to establish different security identity for network participants, so that the submission and verification of the blocks are decided by the agencies' voting in the league without the depending on a third-party intermediary or uncontrollable public awareness. Compared with the fully decentralized consensus-Proof of Work (POW), POV has controllable security, convergence reliability, only one block confirmation to achieve the transaction finality, and low-delay transaction verification time.