A hybrid POW-POS implementation against 51% attack in cryptocurrency system

Kishor Datta Gupta, Abdur Rahman, Subash Poudyal, Mohammad Nurul Huda, M. A. Parvez Mahmud

Research output: Chapter in Book/Report/Conference proceedingConference proceeding contribution

2 Citations (Scopus)

Abstract

The success and popularity of Bitcoin mainly focuses the underlying blockchain technology which is totally immutable distributed ledger, highly secured by its P2P network consensus named Proof of Work (PoW). One of the worst threats to a Proof-of-Work based cryptocurrency is 51% attack. If one or more dishonest network peer gains more than 50% of resource such as processing power, then they will become the majority decision maker in the network. It is already proved that mixing of two or more existing protocol that is called hybrid protocol can make the network enough resistive to this attack. The recent implementations of hybrid protocols have other limitations and problems that they are facing and striving to resolve. But their main weakness is in distribution of block mining reward to the investors. From the perspective of an investor, an investor invests his hard-earned money in a cryptocurrency for making proper profit from his investment. The main source of this profit is the block reward which is generated and given to the miner on successful mining of a block. So, to ensure this profit is given to proper user on proper time interval, the consistency of block generation time interval is a vital factor. The voting system, ticket system etc. are not time controlled and over all block reward generation interval will not show a uniform distribution of profit. Another big issue is diversifying the peers by creating special committee and groups of validators the concept of P2P network is violated. In this paper we will describe a step by step process to implement a Hybrid PoW-PoS based consensus protocol. In our proposed system, the PoW mining process is only used to regulate the block generation time. The actual block generation is done by the same user with PoS consensus mechanism. There is no voting or validating committee. The entire network will validate each block. This is the major difference with other discussed system. The system will not only be able to tackle the 51% attack, it provides a uniform distribution of mining reward to the stake holders and investors by maintaining a precise block generation interval with difficulty adjustment in PoW mining and probability calculation for stake holders according to their matured staking balance. We will not only show how to make the system non-vulnerable to this attack but also describe in detail about how to validate the transactions and blocks in different stage of creating the block chain.

Original languageEnglish
Title of host publicationProceedings
Subtitle of host publicationThe 11th IEEE International Conference on Cloud Computing Technology and Science (CloudCom 2019) The 19th IEEE International Conference on Computer and Information Technology (CIT 2019) The 2019 International Workshop on Resource brokering with blockchain (RBchain 2019) The 2019 Asia-Pacific Services Computing Conference (APSCC 2019)
EditorsJinjun Chen, Laurence T. Yang
Place of PublicationPiscataway, NJ
PublisherInstitute of Electrical and Electronics Engineers (IEEE)
Pages396-403
Number of pages8
ISBN (Electronic)9781728150116
ISBN (Print)9781728150123
DOIs
Publication statusPublished - 2019
Event11th IEEE International Conference on Cloud Computing Technology and Science, CloudCom 2019, 19th IEEE International Conference on Computer and Information Technology, CIT 2019, 2019 International Workshop on Resource Brokering with Blockchain, RBchain 2019 and 2019 Asia-Pacific Services Computing Conference, APSCC 2019 - Sydney, Australia
Duration: 11 Dec 201913 Dec 2019

Publication series

Name
ISSN (Electronic)2330-2186

Conference

Conference11th IEEE International Conference on Cloud Computing Technology and Science, CloudCom 2019, 19th IEEE International Conference on Computer and Information Technology, CIT 2019, 2019 International Workshop on Resource Brokering with Blockchain, RBchain 2019 and 2019 Asia-Pacific Services Computing Conference, APSCC 2019
CountryAustralia
CitySydney
Period11/12/1913/12/19

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  • Cite this

    Gupta, K. D., Rahman, A., Poudyal, S., Huda, M. N., & Mahmud, M. A. P. (2019). A hybrid POW-POS implementation against 51% attack in cryptocurrency system. In J. Chen, & L. T. Yang (Eds.), Proceedings: The 11th IEEE International Conference on Cloud Computing Technology and Science (CloudCom 2019) The 19th IEEE International Conference on Computer and Information Technology (CIT 2019) The 2019 International Workshop on Resource brokering with blockchain (RBchain 2019) The 2019 Asia-Pacific Services Computing Conference (APSCC 2019) (pp. 396-403). Piscataway, NJ: Institute of Electrical and Electronics Engineers (IEEE). https://doi.org/10.1109/CloudCom.2019.00068