A New Election Algorithm for DPos Consensus Mechanism in Blockchain

Abstract

The block chain has achieved great success in bit coin, and its decentralization idea caught highly attention of financial institutions, capital markets and academia. Decentralization is the most fundamental feature of the block chain, but decentralization sacrifices efficiency, while mining leads to high bit coin transaction costs; in some industries, such as the commercial retail, high efficiency and low cost are required. The consensus algorithm is the core technology to achieve non-centralization. This article proposes a DPoS consensus mechanism election algorithm. This algorithm improves the ring-based coordinator election algorithm. First, the algorithm is used to elect the agents, and then the final winner, reach a new consensus, meet the requirements of the block chain performance in the commercial retail sector, reduce transaction costs, and construct a fair, freely competitive, non-monopoly, secure and non-centralized block chain platform.