An Evaluation of Dynamic Hybrid Consensus Approach for High-Throughput and Scalable Blockchain Applications
摘要
Blockchain is a technology recognized for enhanced data security and its decentralized framework is important in a domain from financial transactions down to information security. However, there are consensus algorithms that possess several disadvantages concerning scalability, energy environment effect, and security vulnerabilities. A new approach for the optimized hybrid consensus mechanism is proposed in this research to bridge these gaps, incorporating elements from both Proof of Work and Proof of Stake for performance and security, to achieve an efficient and effective mining approach for the blockchain network. Mining difficulty is dynamically adjusted by proposed solution according to network congestion while a stake-weighted process for selecting validators is maintained, which induces fairness and efficiency even with faulty nodes. A comparative analysis of using a hybrid consensus approach for high transaction volume has been discussed to empower the next generation in blockchain systems for achieving integrity and copyright. The issue of achieving digital rights management (DRM) is also the focus by addressing the challenges of unauthorized access and inefficient licensing. The comparative results show that the proposed method demonstrated for mining pools with increasing block size shows non-linear fluctuations in computational efficiency and dissemination, while transaction pool contributions remain stable. The new approach optimizes efficiency in the various configurations of networks. It prevents against Sybil and 51% attacks, resulting in a more stable secured network. The simulation experiments demonstrate 35% faster finalization of block transactions and a 16% decrease in block distribution time, leading to enhanced overall performance. This emphasizes the asymmetrical scalability of the network, which shows that the large block size affects the performance of the consensus mechanism, resulting in difficulties for blockchain stability. The outcome indicates a lower energy consumption compared to Bitcoin, representing a significant reduction and offering an enhanced solution for larger blockchains.