Preferential Delegated Proof of Stake (PDPoS)—Modified DPoS with Two Layers towards Scalability and Higher TPS

Abstract

Security and a decentralized system are identical unique features of Blockchain. In recent times, blockchain-based cryptocurrency has become mainstream, but the growth and value of transactions and application services remain volatile. Among all these applications, finding a fast consensus in a large-scale blockchain network frequently requires extreme energy for huge computations and storing the complete blockchain for verification. These problems prevent further commercialization. Here, we present a solution to this problem. In this paper, we introduce a revised blockchain consensus algorithm, PDPoS, to address the scalability and transaction efficiency limitations. The symmetry in between Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) is PoS. However, their ways of working are dissimilar. Here, we review the existing consensus algorithms, such as Proof of work (PoW), PoS and DPoS, as they are directly relating to our proposed work: PDPoS. We highligh Delegated Proof of Stake (DPoS)–based crypto-currencies, as they have much higher transactions per second (TPS) than PoW-based currencies. Then, we describe our proposed works and the working steps of the proposed PDPoS. Simulation results of the proposed PDPoS with two layers result in improved efficiency. We used TPS as the evolution criteria for showing that the proposed PDPoS is more efficient than DPoS. This makes the proposed work more relevant to the large-scale blockchain network as it is more efficient and requires less energy consumption.