Open AccessEvaluation of Energy Consumption in Block-Chains with Proof of Work and Proof of Stake
Author(s) -
Rong Zhang,
Wai Kin Victor Chan
Publication year - 2020
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1584/1/012023
Subject(s) - traceability , computer science , block (permutation group theory) , proof of concept , netlogo , energy consumption , proof of work system , mechanism (biology) , chain (unit) , consensus algorithm , computer security , distributed computing , blockchain , algorithm , software engineering , engineering , programming language , mathematics , operating system , philosophy , physics , geometry , epistemology , astronomy , electrical engineering
Although there are several special features in block-chain technology such as machine trust, traceability, and security, high energy consumption remains an issue in broadening the applications of block-chain technology. Some researchers proposed the use of proof of stake (PoS) mechanism rather than proof of work (PoW) mechanism to reduce energy consumption of block-chain. However, because PoS cannot guarantee fairness, mixed consensus mechanisms could be a solution and has been adopted in many studies. This paper aims to evaluate the performances of PoW, PoS and mixed consensus mechanisms from three aspects: energy consumption, fairness, and reliability. An agent-based model of a typical block-chain system equipped with different consensus mechanisms is created in NetLogo. This model simulates and evaluates the performances of different consensus mechanisms in the block-chain system.