RRPoS: A Fair and Efficient Approach to Blockchain Consensus using Round Robin

Due to advanced technological development, the application of blockchain is not just for financial services. It has inherent potential uses in various industries, including healthcare, supply chain, industrial goods, E-commerce, and others. Any group or individuals agree in a blockchain network to make transactions on the basis of a consensus mechanism. The critical role of the consensus mechanism is that it improves the efficiency and security of the blockchain system. Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Proof of Authority (PoA), Practical Byzantine Fault Tolerance (PBFT) and some other recent proof of concepts such as Proof of Burn (PoB), Proof of Learning, Proof of Luck (PoLu), etc. are the various existing consensus algorithms. However, there are problems with these algorithms including centralization risk, security, efficiency, and waste of resources. Proof of Work (PoW) consumes high computational power to solve the cryptographic puzzle and makes the system more costly. Proof of Stake (PoS) encourages high-stakes node selected as a validator to propose and validate the new block in the blockchain, which promotes inequality and monopolies. The paper introduces Round Robin Proof of Stake (RRPoS) based on the existing Proof of Stake (PoS) that involves block creation in a round-robin fashion to increase the chances of high- to low-stakes validators for the validation of the proposed block. The proposed consensus algorithm is able to ascertain the existence of malicious validator nodes and eliminate them to enhance system security. The performance analysis demonstrates that RRPoS is better and more efficient than PoW and PoS.