Proof-of-Stake Consensus Mechanisms for Future Blockchain Networks: Fundamentals, Applications and Opportunities

The rapid development of blockchain technology and their numerous emerging applications has received huge attention in recent years. The distributed consensus mechanism is the backbone of a blockchain network. It plays a key role in ensuring the network's security, integrity, and performance. Most current blockchain networks have been deploying the proof-of-work consensus mechanisms, in which the consensus is reached through intensive mining processes. However, this mechanism has several limitations, e.g., energy inefficiency, delay, and vulnerable to security threats. To overcome these problems, a new consensus mechanism has been developed recently, namely proof of stake, which enables to achieve the…

• HC
  Ho Chi Minh City University of Technology and Education
• UO
  University of Technology Sydney