A Guide to Blockchain Consensus Mechanism Research

A Guide to Blockchain Consensus Mechanism Research

Glossary

Term Definitions Blockchain A database that stores data in a distributed manner, where data is linked together in blocks, each of which contains the hash value of the previous block to ensure that the data cannot be tampered with. Consensus Mechanism The process by which all nodes in a blockchain network reach an agreement on which transaction records are valid and added to the blockchain. Fitness Gradient Consensus A consensus mechanism proposed in this paper that selects the basis for building a blockchain based on the "fitness value" of a blockchain segment or block. Hash Distance Consensus A variant of Fitness Gradient Consensus, in which the fitness of a block or blockchain segment is a function of the numerical distance between the hash value of each block and the "target hash value". Bucket Consensus A variant of Hash Distance Consensus, in which "fitness" is calculated in the same way as Hash Distance Consensus, but V includes the tokens assigned to buckets through bucket allocation records. Target Hash A numerical value associated with a block at a specific height, known before the creation of the block and derived from the previous state. Hash Distance The absolute value of the difference between the block hash of a block and its target hash. Unique Tokens Token values ​​that have not been transferred, reused, or reallocated in a specific blockchain segment, i.e., tokens that are not double-counted when calculating the fitness of a specific chain. Bucket Assignment Record A specific record on the blockchain that associates a specific token value with a specific conceptual bucket and a specific block height. User Token A token type that has been named and assigned some aggregate value by a user creation record on the blockchain. Derived token type A user token type that is in some way dependent on another user token (the base token type). Genesis Record A record type in a blockchain system that is used to declare and define new user token types. Transaction An indivisible set of operations on the blockchain, consisting of one or more records. All records are either all added to the blockchain or none of them are added. Proposition A type of record on the blockchain that makes a factual claim about the state of a particular account. Determination Record A type of record on the blockchain that expresses approval or disapproval of a particular proposal. Pattern Linkage Record A record that links an executable smart contract in the blockchain to a "pattern definition". Short Answer Question

How does Fitness Gradient Consensus determine which blockchain segment is correct?

Answer: In the Fitness Gradient Consensus mechanism, each block or blockchain segment calculates a "fitness value" according to predefined rules. The blockchain segment with the highest fitness value is selected by nodes in the network as the basis for building new blocks and is considered the correct blockchain segment.

How does Hash Distance Consensus calculate the fitness value of a block?

Answer: In the Hash Distance Consensus mechanism, the fitness value of a block is determined by the numerical distance between its hash value and the "target hash value". The target hash value is predefined and is usually related to the total amount of tokens used in that blockchain segment. The smaller the hash distance, the higher the fitness value.

What is the difference between Bucket Consensus and Hash Distance Consensus?

A: Bucket consensus is a variation of hash distance consensus that divides the hash space into multiple "buckets". Each bucket represents a range of values ​​and is associated with a specific target hash. Users can influence the calculation of the target hash by assigning tokens to different buckets.

What are unique tokens and how do they play a role in fitness calculations?

A: Unique tokens are tokens that have not been transferred, reused, or reallocated multiple times in a particular blockchain segment. When calculating fitness values, only unique tokens are counted in the "total token usage" to prevent double counting.

What role does the bucket allocation record play in bucket consensus?

A: Bucket allocation records are used to assign a user's tokens to specific buckets. When creating a bucket allocation record, the user needs to specify the number of tokens to be assigned, the target block height, and a fee. After the block containing the bucket allocation record is added to the blockchain, these tokens will be locked in the corresponding bucket until the target block height.

What is the difference between user tokens and derived token types?

A: User tokens are token types created and named by users on the blockchain. A derived token type is a special user token that depends on another user token (called a base token type) to exist. The creation and management rules of a derived token type are determined by its base token type.

What role does the Genesis record play in a user token-based system?

A: The Genesis record is used to declare and define a new user token type on the blockchain. The Genesis record contains key information about the new token type, such as the token name, total issuance, issuance rules, management rules, etc.

How do pattern link records connect smart contracts to on-chain events?

A: A pattern link record contains a smart contract address and a "pattern definition". The pattern definition describes a specific event or state on the blockchain, such as a specific type of transaction, account balance change, etc. When an event matching the pattern definition occurs on the blockchain, the smart contract associated with the pattern link record is automatically executed.

Explain the role of proposal and determination records in blockchain governance.

A: A proposal is a blockchain record used to make a factual claim about the state of a specific account, such as whether an account belongs to a specific user. A determination record is a response to a proposal, expressing support or opposition to the proposal. By collecting enough confirmed records, the proposal can be voted on and the state of the blockchain is updated based on the voting results.

How does the system proposed in this paper ensure the safe issuance and management of security tokens?

Answer: The system achieves the compliant issuance and management of security tokens by using "authorized token types" and smart contracts. The issuing institution can define the issuance rules, trading restrictions and compliance requirements of the tokens and encode them into the smart contract. The smart contract automatically enforces these rules to ensure that only qualified investors can buy, hold and trade these tokens.

Paper title

Compare and contrast fitness gradient consensus with other consensus mechanisms mentioned (e.g. proof of work, proof of stake) in detail, focusing on its advantages and disadvantages.

Analyze the token distribution mechanism used in bucket consensus. How does this mechanism affect the security of the network and prevent potential attacks (e.g. Sybil attacks)?

Evaluate the feasibility and advantages of the system proposed in this paper for managing and trading assets (e.g. real estate) in the real world. Discuss any potential challenges and limitations.

Analyze how the system ensures compliance with securities laws in different jurisdictions. Discuss the perspectives of different stakeholders (e.g. issuers, investors, regulators).

Explore the possibility of extending the capabilities proposed in this paper to other use cases, such as supply chain management, digital identity, and voting. Discuss potential benefits and challenges.