Rewriting blockchain: A hybrid consensus that defeats the trilemma paradox

Abstract

Existing blockchain consensus algorithms encounter significant challenges regarding security, time efficiency, and versatility in rapidly evolving environments. This research addresses these issues by proposing and implementing a novel consensus algorithm aimed at overcoming the blockchain trilemma, achieving a balance triad of decentralization, security, and scalability. Built on a federated Byzantine agreement method, the proposed consensus integrates advanced features from diverse consensus methodologies to achieve an optimal balance. By incorporating adaptive validation procedures, such as iteratively refining consensus and dynamically adapting its validation criteria to accommodate varying network conditions, the adaptability is improved. Security is strengthened through a fault tolerance protocol, such as redundancy strategy, dynamic quorum adjustments and decentralized fault detection, combined with a robust identity management system system, providing robust protection against malicious entities. This proposed consensus also optimizes scalability by streamlining the consensus mechanism and utilizing a nomination and ballot protocol. Empirical analysis of the proposed consensus performance reveals a transaction throughput of 527 TPS and a reduced latency of 45 ms, ensuring secure transactions. The system exhibits a notable reduction in block time, achieving a 90.9% safeguard against the risk of double-spending attacks, while maintaining a low fork probability of 10%. The proposed system ensures higher chain quality and resilience against adversarial mining. The consensus is quantitatively assessed for decentralization with a notable score of 8.104 out of 10, underscoring its efficacy in maintaining a distributed ledger that is both secure and scalable.