S&SEM: A Secure and Speed-Up Election Mechanism for PoS-Based Blockchain Network

To be a stakeholder/validator/token holder is not so difficult in the Proof of Stake (POS)-based blockchain networks; that is why the number of validators is large in these networks. These validators play an essential part in the block creation process in the PoS-based blockchain network. Due to the large validators, the block creation time and communication message broadcasting overhead get increased in the network. Many consensus algorithms use different techniques to reduce the number of validators, such as Delegated Proof of Stake (DPoS) consensus algorithms, which select the set of delegators via stake transactions for the block creation process. In this paper, we propose S&SEM, a secure and speed-up election process to select the ‘z’ number of validators/delegators. The presented election process is based on a traditional voting style with multiple numbers of rounds. The presented election mechanism reduces the possibility of malicious activity in the voting process by introducing a special vote message and a round that checks duplicate votes. We did horizontal scaling in the network to speed up the election process. We designed an improved incentive mechanism for the fairness of the election process. The designed reward and penalty procedure controls the nodes’ behaviors in the network. We simulate the S&SEM, and the result shows that the presented election process is faster and more secure to select delegators than the existing process used by DPOS.