Improving Blockchain Consistency Bound by Assigning Weights to Random Blocks

Abstract

Ironclad Method Boosts Blockchain Consistency and Speeds up Block Production Researchers have developed a novel method called Ironclad to address the scalability limitations of blockchains based on the Nakamoto consensus protocol. Although these blockchains have shown promise in various applications, the consensus properties of the protocol impose inherent scalability constraints. A key property, known as consistency, poses a challenge by presenting a trade-off between block production speed and the system’s security against adversarial attacks. To overcome this, the researchers propose the Ironclad method, which introduces a unique approach by assigning different weights to randomly selected blocks. By applying the Ironclad method to the original Nakamoto protocol and conducting rigorous analysis of its consensus properties, the researchers demonstrate a significant improvement in the consistency bound. This advancement allows for a much faster block production rate compared with the original protocol while maintaining the same level of security guarantees. The Ironclad method presents a promising solution to enhance blockchain scalability, overcoming the limitations of the Nakamoto consensus protocol. This breakthrough has the potential to unlock new possibilities for blockchain applications, paving the way for improved transaction speeds and increased efficiency in various industries.