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A Modest Comparison of Blockchain Consensus Algorithms

Rõžakov, Ilja (2019) A Modest Comparison of Blockchain Consensus Algorithms.

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Abstract:The market for blockchain technologies, systems to record transactions in a distributed, verifiable and permanent way, has grown significantly over the past years and still continues to introduce new blockchain-based products into our daily lives. Due to the nature of these systems, it is quite difficult to change the core software that these products are based upon, which in turn causes a strong need for tools and frameworks to quickly analyze and verify such systems, before it becomes nearly impossible to change them on the fly. This paper describes a structured way to model a probabilistic part, the consensus algorithm within a blockchain-backed system, using the Modest Toolset, then proposes a method to use this model for performance measurements of this algorithm, and finally provides a proof of concept by applying this method to the BFT consensus algorithm of the Exonum blockchain framework by Bitfury. The results are remarkable: Even though it is possible to use the constructed model to analyze network behaviour, not every blockchain network can be compared to each other in a trivial way. Instead there are different categories of blockchain networks among which comparisons can be made.
Item Type:Essay (Bachelor)
Faculty:EEMCS: Electrical Engineering, Mathematics and Computer Science
Subject:54 computer science
Programme:Computer Science BSc (56964)
Link to this item:http://purl.utwente.nl/essays/78909
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