A New Consensus Protocol for Blockchain Interoperability Architecture

21 Pages Posted: 14 Jul 2020 Last revised: 27 Jul 2020

See all articles by Yan Pang

Yan Pang

Department of Analytics and Operations

Date Written: June 18, 2020

Abstract

Blockchain is widely recognized as a potential disruptive technology that has gained much popularity recently. Despite many promising results, the current blockchain landscape is fragmented, in which many blockchain systems exist in silos. Interoperability becomes a critical functionality to facilitate broad blockchain adoption and starts to attract attention in both industry and academia research. In this paper, we propose a new consensus protocol, Multi-tokens Proof of Stake (MPoS), for blockchain interoperability architecture. The MPoS protocol is able to strengthen the token network effects in a cross-chain ecosystem and grow the user base of blockchain systems dramatically. We also provide an analytical model to analyze and proof that the MPoS protocol can offer better security compared to traditional single-token PoS consensus protocols.

Keywords: blockchain, interoperability, cross-chain, consensus protocol, Proof of Stake (PoS), tokens, cryptocurrency, token network effects, bootstrapping, security

JEL Classification: P40

Suggested Citation

Pang, Yan, A New Consensus Protocol for Blockchain Interoperability Architecture (June 18, 2020). Available at SSRN: https://ssrn.com/abstract=3632084 or http://dx.doi.org/10.2139/ssrn.3632084

Yan Pang (Contact Author)

Department of Analytics and Operations ( email )

15 Kent Ridge Dr
Singapore, 129800
Singapore

HOME PAGE: http://https://bizfaculty.nus.edu.sg/faculty-details/?profId=514

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