A Double-Linked Blockchain Approach Based on Proof-of-Refundable-Tax Consensus Algorithm

Abstract

In this paper we propose a double-linked blockchain data structure that greatly improves blockchain performance and guarantees single chain with no forks. Additionally, with the proposed proof-of-refundable-tax (PoRT) consensus algorithm, our approach can construct highly reliable, efficient, fair and stable blockchain operations. The PoRT algorithm adopts a verifiable random function instead of mining to select future block maintainers with the probability proportional to each participant's personal refundable tax. The individual refundable tax serves as an index of the activeness of participation and hence PoRT can effectively prevent Sybil attacks. Also, with the block-completion reward deducted from each maintainer's refundable tax, our blockchain system maintains a stable wealth distribution and avoids the "rich become richer" problem. We have implemented the approach and tested with very promising results.