Research on Blockchain Evolution and Proof-of-Stake Consensus Algorithm

Abstract

Blockchain has been steadily evolving and is used across various applications owing to its transparency, decentralization, immutability, and reliability characteristics. In this research, we have summarized the technological evolution of blockchain and investigated the principle of the proof-of-stake (PoS) algorithm among blockchain consensus algorithms and potential problems. As a research method, blockchain evolution is summarized based on the generation, and the principle of block creation and various attack vectors in the PoS algorithm are investigated. While the proof-of-work method has been applied to Bitcoin and its stability proven through numerous tests in practice, the PoS method has not yet been rigorously tested. As PoS has been drawing attention as a new consensus algorithm, we herein predict and review its potential drawbacks and problems.