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On the Security and Performance of Proof-based Consensus Protocols

Blockchain is a disruptive technology that will revolutionize the Internet and our way of living, working, and trading. Despite the innovation, current blockchain-based public systems such as Bitcoin and Ethereum present significant security and performance limitations and consume excessive energy due to their proof-of-work consensus protocols. This paper presents and compares the main proof-based alternatives to proof-of-work, focusing on the security and performance of each consensus protocol. Proof-based protocols use the probabilistic consensus model and are more suitable for public environments with many participants, such as the Internet of Things (IoT). We highlight the centralization tendency and the main vulnerabilities of proof of work and proof of stake, as well as their countermeasures. We also analyze the IOTA consensus protocol, a DAG-based platform suited for the IoT environment.