Analysis of consensus protocol on latency in blockchain

Abstract

Blockchain, a cutting-edge technology, stands as an immutable ledger, housing various data types and providing a platform for managing and tracking asset ownership. Woven together by principles such as cryptography, ledgers, immutability, group consensus, and trustlessness, blockchain amalgamates diverse concepts and technologies . This thesis delves deep into the realm of blockchain consensus protocols, conducting an exhaustive analysis of their strengths and weaknesses. A key focus lies on addressing the critical facet of latency, leading to the development of analytical models individually tailored to each protocol. Through the implementation of sequences and map diagrams, the intricate workings of different consensus mechanisms are meticulously unraveled. A significant milestone in this research journey is the creation of a blockchain-based simulation model, meticulously crafted for the purpose of testing both Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus protocols. The outcomes of the simulations undergo a rigorous comparison with analytical predictions, resulting in a remarkable alignment that contributes not only to a nuanced understanding of consensus mechanisms but also establishes the reliability of the analytical frameworks employed. This study is not merely an exploration but a pioneering advancement in the landscape of blockchain studies, offering insights that echo across industries and sectors.