Proof of Stake with Casper the Friendly Finality Gadget Protocol for Fair Validation Consensus in Ethereum

Authors(5) :-Akshita Jain, Sherif Arora, Yashashwita Shukla, Prof. T. B. Patil, Prof. S. T. Sawant-Patil

Blockchain technology has expanded from being an unchangeable log of transactions for cryptocurrencies to a programmable collective environment for developing distributed dependable Applications (Ethereum). Nevertheless, blockchain technology has handled various challenges, presumably none of the earlier work focused on using blockchain to develop a secure data transaction system using only proof of stake. Ever since Ethereum first announced its intentions to make a switch from a Proof of Work based system to a Proof of Stake based system, it has had everyone guessing how such a bold move would take place. Ethereum’s answer to the question is Casper-the Friendly Finality Gadget protocol, which works as a hybrid of PoW and PoS. Many questions could be raised against the working of Casper and we try to raise a few questions of our own. In this paper, we study about Byzantine’s Problem, the Nothing At Stake problem, Proof of Work and Proof of Stake based system. We look into why Ethereum wants to shift from a PoW based blockchain to a PoS based blockchain, how Casper has solved the Nothing At Stake problem through its consensus mechanism and whether or not this consensus mechanism is fair. We study about how the validation in Casper could be exploited and propose a system that could prevent such an exploitation, which may prove to be instrumental in ensuring fair validation.

Authors and Affiliations

Akshita Jain
Information Technology, Bharati Vidyapeeth Deemed To Be University, College of Engineering, Pune, Maharashtra, India
Sherif Arora
Information Technology, Bharati Vidyapeeth Deemed To Be University, College of Engineering, Pune, Maharashtra, India
Yashashwita Shukla
Information Technology, Bharati Vidyapeeth Deemed To Be University, College of Engineering, Pune, Maharashtra, India
Prof. T. B. Patil
Information Technology, Bharati Vidyapeeth Deemed To Be University, College of Engineering, Pune, Maharashtra, India
Prof. S. T. Sawant-Patil
Electronics &Telecommunication, Smt. KashibaiNavale College of Engineering, Pune, Maharashtra, India

Blockchain, Consensus Mechanism, Proof of Work, Proof of Stake, Casper, Validator Set

  1. Iuon-Chang Lin and Tzu-Chun Liao "A Survey of Blockchain Security Issues and Challenges" International Journal of Network Security, Vol.19, No.5, PP.653-659, Sept. 2017 , Page number 653
  2. Ali Dorri, Salil S. Kanhere, Raja Jurdak, and Praveen Gauravaram†† "LSB: A Lightweight Scalable BlockChain for IoT Security and Privacy" arXiv: 1712.02969v1 cs.CR] , 8 Dec 2017, Page number 2
  3. Digiconomisit,"Bitcoin Energy Consumption" , 2018, Online] Available: https://digiconomist.net/bitcoin-energy-consumption Accessed: February 15,2018 00:52 IST]
  4. Blockgeeks,"Proof of Work vs. Proof of Stake", 2017, Online] Available: https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stakeAccessed: February 16, 2018 00:53 IST]
  5. VitalikButerin and Virgil Grif?th Ethereum Foundation "Casper the Friendly Finality Gadget" , Cornell University Library,arXiv:1710.09437 cs.CR], Page number 1-5, Last Updated: Wed, 15 Nov 2017 01:18:09 GMT]
  6. Medium, "The Byzantine Generals Problem", 2016, Online] Available: https://medium.com/all-things-ledger/the-byzantine-generals-problem-168553f31480 Accessed: February 16,2018 1:00 IST]
  7. Medium, "Consensus In Blockchain Systems", 2016, Online] Available: https://medium.com/@chrshmmmr/consensus-in-blockchain-systems-in-short-691fc7d1fefe Accessed: February 16,2018 1:14 IST]
  8. Bitcoin, "Proof of Work", 2016, Online] Available: https://en.bitcoin.it/wiki/Proof_of_workAccessed: February 16,2018 1:17 IST]
  9. Olivier Moindrot ,Charles Bournhonesque ICME "Proof of Stake Made Simple with Casper", Page number 1-4, CS244b: Distributed Systems, Autumn 2017 ,Stanford University
  10. Satoshi Nakamoto† "Bitcoin: A Peer-to-Peer Electronic Cash System" Available: https://bitcoin.org/bitcoin.pdfAccessed: February 16,2018 1:17 IST]

Publication Details

Published in : Volume 3 | Issue 3 | March-April 2018
Date of Publication : 2018-02-28
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 291-298
Manuscript Number : CSEIT1831475
Publisher : Technoscience Academy

ISSN : 2456-3307

Cite This Article :

Akshita Jain, Sherif Arora, Yashashwita Shukla, Prof. T. B. Patil, Prof. S. T. Sawant-Patil, "Proof of Stake with Casper the Friendly Finality Gadget Protocol for Fair Validation Consensus in Ethereum", International Journal of Scientific Research in Computer Science, Engineering and Information Technology (IJSRCSEIT), ISSN : 2456-3307, Volume 3, Issue 3, pp.291-298, March-April-2018.
Journal URL : http://ijsrcseit.com/CSEIT1831475

Follow Us

Contact Us