A Double-Linked Blockchain Approach Based on Proof-of-Refundable-Tax Consensus Algorithm

TL;DR

This paper introduces a double-linked blockchain structure and a novel proof-of-refundable-tax consensus algorithm that enhances performance, fairness, and security by preventing forks, Sybil attacks, and wealth concentration.

Contribution

The paper presents a new double-linked blockchain design combined with a proof-of-refundable-tax algorithm that improves efficiency, fairness, and attack resistance over traditional methods.

Findings

Achieved a single, fork-free blockchain structure.

Demonstrated effective prevention of Sybil attacks.

Maintained stable wealth distribution among participants.

Abstract

In this paper we propose a double-linked blockchain data structure that greatly improves blockchain performance and guarantees single chain with no forks. Additionally, with the proposed proof-of-refundable-tax (PoRT) consensus algorithm, our approach can construct highly reliable, efficient, fair and stable blockchain operations. The PoRT algorithm adopts a verifiable random function instead of mining to select future block maintainers with the probability proportional to each participant's personal refundable tax. The individual refundable tax serves as an index of the activeness of participation and hence PoRT can effectively prevent Sybil attacks. Also, with the block-completion reward deducted from each maintainer's refundable tax, our blockchain system maintains a stable wealth distribution and avoids the "rich become richer" problem. We have implemented the approach and tested with very promising results.