Abstract
Consensus is the heart of Blockchain Technology. Consensus algorithms suffer from issues of either energy inefficiency in the context of Proof of Work (PoW) or monopoly in the context of Proof of Stake (PoS). In other words, while PoW suffers from scalability and performance and PoS suffers from monopoly, both fairness issues are from various interpretations of the blockchain platform. To overcome these issues, there have been several hybrids of PoW and PoS consensus protocols. In this talk, we show how using Rand index used for cluster analysis can be used for analyzing various aspects of consensus protocols. The analysis focuses on issues like correctness (like fork formulation), and aspects of fairness like overcoming monopoly, equal participation of nodes in block creation, decreased latency in commit transaction, a fair selection of validators, minimizing the size/requirement of permissioned networks, etc. We first demonstrate the approach through applications to Ripple protocol and correlate with its analogies of correctness. Further, we show, how conditions like forkless situations can be realized through our analysis.
Speaker
Prof. R K Shyamasundar
R K Shyamasundar is a Life Fellow of IEEE a Fellow of ACM, Distinguished ACM Speaker, a Distingusihed Alumnus of Indian Institute of Science, served as IEEE Distinguished Speaker, and was the founding Dean of School of Technology and Computer Science at the Tata Institute of Fundamental Research. He has been JC Bose National Fellow at TIFR and IIT Bombay and he is an INAE (Indian National Academy of Engineering) Distinguished Professor at the Department of Computer Science, IIT Bombay. He is an Adjunct Professor, NITIE, Mumbai. He is a fellow of all the National academies of science and engineering in India and also a fellow of world academy of sciences, Trieste, Italy. He is serving as Editor-in-Chief for Sadhana- Journal of Engineering Sciences of the Indian Academy of Sciences for Computing and Data Sciences, Subject-Area Editor for IET Blockchain Journal, serves on the Editorial boards of Journal of Parallel and Distributed Computing, and Journal of Banking and Financial Technology.
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