PoVF: Empowering Decentralized Blockchain Systems with Verifiable Function Consensus
Chenxi Xiong, Ting Yang, Yu Wang, Bing Dong

TL;DR
This paper introduces PoVF, a novel decentralized consensus mechanism for blockchain that enhances fairness, security, and efficiency by leveraging verifiable functions and a delay buffer to prevent forks and ensure sequential transaction execution.
Contribution
The paper proposes PoVF, a new consensus protocol based on verifiable functions, with a delay buffer to improve decentralization, security, and transaction ordering in blockchain systems.
Findings
PoVF achieves up to 4000 transactions per second.
PoVF-based blockchain has a Gini coefficient of 0.39, indicating high decentralization.
PoVF is provably secure against potential adversaries.
Abstract
Consensus mechanism is the core technology for blockchain to ensure that transactions are executed in sequence. It also determines the decentralization, security, and efficiency of blockchain. Existing mechanisms all have certain centralization issues and fail to ensure the decentralization of blockchain networks. A decentralized and efficient mechanism is required to improve blockchain systems. This paper proposes a fair consensus mechanism called Proof of Verifiable Functions (PoVF), based on the verifiability and unpredictability of verifiable functions. PoVF provides a sufficiently fair mechanism, ensuring that all nodes in blockchain network have equal opportunity to participate in consensus. In addition, a structure called "Delay buffer" is proposed to ensure transactions are executed sequentially. It delay the selection of blocks to avoid blockchain forks caused by broadcasting…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cloud Computing and Resource Management
