On Parallel Mechanism of Consortium Blockchain: Take PoV as an example

Abstract

Blockchain is an emerging distributed storage technology in recent years. It can hold all historical data, transaction records, and other related information from the past by using a self-referencing blockchain data storage structure. Consensus is the core technology of blockchain, which ensures consistency of data of different nodes and also enables the blockchain to have Byzantine fault tolerance. However, most consensus algorithms are serialized. With the increase in the number of nodes, throughput of system decreases rapidly. Proof of Vote (PoV) is an efficient voting-based consensus algorithm. It separates the voting and bookkeeping rights and has a great traffic complexity of . Based on PoV, we propose a more efficient and practical consensus algorithm called Parallel Proof of Vote (PPoV), which allows multiple nodes to generate blocks in parallel within a consensus cycle. Analysis and experiments show that the performance of PPoV is 2-5 times higher than typical BFT consensus as the number of nodes in range of 4-100.