Hybrid Consensus Mechanism (HCM) : Achieving Efficient and Secure Consensus in Blockchain Networks

Abstract

Consensus mechanisms play a critical role in blockchain networks, ensuring that all participants agree on the state of the distributed ledger. However, existing consensus mechanisms have limitations in terms of efficiency, security, and decentralization. In this research paper, we propose a Hybrid Consensus Mechanism (HCM) that combines the advantages of Delegated Proof of Stake (DPoS), Practical Byzantine Fault Tolerance (PBFT), and Proof of Elapsed Time (PoET) to address these limitations. HCM uses a set of trusted validators (delegates) similar to DPoS, who participate in a PBFT-like consensus protocol to reach agreement on the state of the ledger. PoET is used to randomly select the leader for each consensus round, preventing the concentration of power. HCM also introduces a dynamic delegation mechanism and sharding technique to enhance fairness, resilience, and scalability in blockchain networks. We provide detailed technical insights, backed by underlying data, to illustrate the effectiveness of HCM in achieving efficient and secure consensus.

Keywords: Hybrid Consensus Mechanism, DPoS, PBFT, PoET, decentralization, scalability