Optimal Transaction Throughput in Proof-of-Work Based Blockchain Networks
Abstract
As of today, Bitcoin suffers with restrictive transaction throughput of 3−7 transactions per sec and the transaction confirmation takes several min as bitcoin blockchain was designed with a block creation time of 10 min and each block is restricted with less blocksize for fast transmission. In this paper, we obtained the optimal transaction throughput for a Proof-of-Work (PoW) based longest chain rule blockchain network (called bitcoin protocol). This is done by modeling the delay diameter (D) and double spending attack in a Erd s-R nyi random network topology as constraints. Through numerical results, it is shown that the throughput can be significatly improved without compromising the fairness of the network.
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Medicine (General)
Science
general works
business
economics as a science
economic history and conditions
economic theory. demography
law
computer engineering. computer hardware
industrial engineering. management engineering
law in general. comparative and uniform law. jurisprudence
international relations
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101867
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374da0c7f38808b2409093aed8c1f487
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Scimatic Chain (ID: 481)
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