NDLI: Baguena: A Practical Proof of Stake Protocol with a Robust Delegation Mechanism

Content Provider	IET Digital Library
Author	Shi, Liucheng Guo, Zhaozhong
Abstract	Proof of stake (PoS), aiming at replacing Proof of work (PoW) in blockchain consensus, has drawn great attention from academia and industry. We present "Baguena", a novel PoS protocol for public blockchain with high practicality and security. It uses a special designed algorithm with properties of uniqueness and anonymity for leader selection, and uses the longest chain rule for chain selection. Besides, entropy is introduced to prevent manipulation of leader selection process by simulating a random beacon based on Publicly verifiable secret sharing (PVSS) and threshold signature with only a linear number of exponentiations. We analyze the protocol's security by a threat model and design a robust delegation mechanism based on triple Elliptic curve digital signature algorithm (ECDSA) proxy signature. We implement Baguena and evaluate its performance on 100 Amazon EC2 virtual machines simulating 50k users, which shows that Baguena confirms transactions in 2 minutes, achieves 2.16x of Algorand's throughput and 6.95x of Ouroboros' throughput.
Starting Page	887
Ending Page	898
Page Count	12
ISSN	10224653
Volume Number	29
e-ISSN	20755597
Issue Number	Issue 5, Sep (2020)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/cje/29/5
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/cje.2020.08.004
Journal	Chinese Journal of Electronics
Publisher Date	2020-09-01
Access Restriction	Open
Rights Holder	© Chinese Institute of Electronics
Subject Keyword	Algorand Throughput Amazon EC2 Virtual Machines Baguena Chain Rule Selection Cryptocurrencies Cryptographic Protocols Cryptography Data Security Distributed Databases ECDSA Proxy Signature Leader Selection Process Ouroboros Throughput PoS Protocol PoW Proof of Stake Protocol Proof of Work Protocol Protocol Public Blockchain Consensus Public Key Cryptography Publicly Verifiable Secret Sharing PVSS Random Beacon Robust Delegation Mechanism Security Time 2.0 Min Triple Elliptic Curve Digital Signature Algorithm Proxy Signature
Content Type	Text
Resource Type	Article
Subject	Applied Mathematics Electrical and Electronic Engineering

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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