A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain Networks

Wang, W; Hoang, DT; Hu, P; Xiong, Z; Niyato, D; Wang, P; Wen, Y; Kim, DI

A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain Networks

Wang, W Hoang, DT

Hu, P Xiong, Z Niyato, D Wang, P Wen, Y Kim, DI

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Publication Type:: Journal Article
Citation:: IEEE Access, 2019, 7 pp. 22328 - 22370
Issue Date:: 2019-01-01

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Field	Value	Language
dc.contributor.author	Wang, W	en_US
dc.contributor.author	Hoang, DT https://orcid.org/0000-0002-9528-0863	en_US
dc.contributor.author	Hu, P	en_US
dc.contributor.author	Xiong, Z	en_US
dc.contributor.author	Niyato, D	en_US
dc.contributor.author	Wang, P	en_US
dc.contributor.author	Wen, Y	en_US
dc.contributor.author	Kim, DI	en_US
dc.date.available	2021-01-01T18:04:40Z
dc.date.issued	2019-01-01	en_US
dc.identifier.citation	IEEE Access, 2019, 7 pp. 22328 - 22370	en_US
dc.identifier.uri	http://hdl.handle.net/10453/133358
dc.description.abstract	© 2013 IEEE. The past decade has witnessed the rapid evolution in blockchain technologies, which has attracted tremendous interests from both the research communities and industries. The blockchain network was originated from the Internet financial sector as a decentralized, immutable ledger system for transactional data ordering. Nowadays, it is envisioned as a powerful backbone/framework for decentralized data processing and data-driven self-organization in flat, open-access networks. In particular, the plausible characteristics of decentralization, immutability, and self-organization are primarily owing to the unique decentralized consensus mechanisms introduced by blockchain networks. This survey is motivated by the lack of a comprehensive literature review on the development of decentralized consensus mechanisms in blockchain networks. In this paper, we provide a systematic vision of the organization of blockchain networks. By emphasizing the unique characteristics of decentralized consensus in blockchain networks, our in-depth review of the state-of-the-art consensus protocols is focused on both the perspective of distributed consensus system design and the perspective of incentive mechanism design. From a game-theoretic point of view, we also provide a thorough review of the strategy adopted for self-organization by the individual nodes in the blockchain backbone networks. Consequently, we provide a comprehensive survey of the emerging applications of blockchain networks in a broad area of telecommunication. We highlight our special interest in how the consensus mechanisms impact these applications. Finally, we discuss several open issues in the protocol design for blockchain consensus and the related potential research directions.	en_US
dc.relation.ispartof	IEEE Access	en_US
dc.relation.isbasedon	10.1109/ACCESS.2019.2896108	en_US
dc.rights	info:eu-repo/semantics/openAccess
dc.title	A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain Networks	en_US
dc.type	Journal Article
utslib.citation.volume	7	en_US
utslib.for	08 Information and Computing Sciences	en_US
utslib.for	09 Engineering	en_US
utslib.for	10 Technology	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology
pubs.organisational-group	/University of Technology Sydney/Faculty of Engineering and Information Technology/School of Electrical and Data Engineering
pubs.organisational-group	/University of Technology Sydney/Strength - GBDTC - Global Big Data Technologies
utslib.copyright.status	open_access	*
pubs.publication-status	Published	en_US
pubs.volume	7	en_US

Abstract:

© 2013 IEEE. The past decade has witnessed the rapid evolution in blockchain technologies, which has attracted tremendous interests from both the research communities and industries. The blockchain network was originated from the Internet financial sector as a decentralized, immutable ledger system for transactional data ordering. Nowadays, it is envisioned as a powerful backbone/framework for decentralized data processing and data-driven self-organization in flat, open-access networks. In particular, the plausible characteristics of decentralization, immutability, and self-organization are primarily owing to the unique decentralized consensus mechanisms introduced by blockchain networks. This survey is motivated by the lack of a comprehensive literature review on the development of decentralized consensus mechanisms in blockchain networks. In this paper, we provide a systematic vision of the organization of blockchain networks. By emphasizing the unique characteristics of decentralized consensus in blockchain networks, our in-depth review of the state-of-the-art consensus protocols is focused on both the perspective of distributed consensus system design and the perspective of incentive mechanism design. From a game-theoretic point of view, we also provide a thorough review of the strategy adopted for self-organization by the individual nodes in the blockchain backbone networks. Consequently, we provide a comprehensive survey of the emerging applications of blockchain networks in a broad area of telecommunication. We highlight our special interest in how the consensus mechanisms impact these applications. Finally, we discuss several open issues in the protocol design for blockchain consensus and the related potential research directions.

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http://hdl.handle.net/10453/133358