Two Hop Blockchain Model: Resonating Between Proof of Work (PoW) and Proof of Authority (PoA)
4 Pages Posted: 1 Apr 2019
Date Written: 2018
The invention of crypto-currencies as an online means of transactions has lured many IT companies, freelancers and coders to this new form of currency. Nakamoto’s consensus protocol and the invention of the idea behind the blockchain network have given a new platform for this exchange to take place. The growth of blockchain can be accounted by the fact that in 2017, the total global market capital of blockchain based tokens was reported to have reached over $150B. This growth in online transactions and crypto-currencies has invited researchers and developers to work on increasing the efficiency and security of this system. This paper revolves around the 2 hop blockchain model to increase the efficiency and reduce the physical resource requirements of the system. This paper describes the shift from proof of stake (PoS) to proof of authority (PoA) in the 2 hop model proposed by Tuyet Duong. Proof of authority guarantees safety and faster working of the system by using identity as a proof to validate blocks in the blockchain network. This paper also discusses the shortcomings of proof of work (PoW) and proof of stake models. A sequential execution of PoW and PoA is suggested as an alternative in this paper.
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