Analyzing Blockchain Consensus Mechanisms for Double-Spending Attack Prevention

Jiasong Ye

2024

Abstract

With the rapid development of blockchain technology, cryptocurrency transactions face increasing security risks, particularly from double-spending attacks. This paper explores the effectiveness of various blockchain consensus mechanisms in preventing these attacks. It examines the principles and applications of Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS) mechanisms, evaluating their advantages and limitations. The paper provides a comprehensive classification and comparison of these consensus methods, focusing on their strategies for countering double-spending threats. Through a blend of theoretical analysis and methodological research, the study identifies the strengths and weaknesses of existing mechanisms. Experimental results show that while PoW offers strong security, it is hindered by high energy consumption and mining power centralization. In contrast, PoS and DPoS reduce energy consumption and improve network flexibility but grapple with issues like power centralization and governance efficiency. This research provides valuable insights for future improvements in blockchain consensus mechanisms and enhances the security of cryptocurrency systems.

Paper Citation

in Harvard Style

Ye J. (2024). Analyzing Blockchain Consensus Mechanisms for Double-Spending Attack Prevention. In Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML; ISBN 978-989-758-754-2, SciTePress, pages 432-437. DOI: 10.5220/0013525500004619

in Bibtex Style

@conference{daml24,
author={Jiasong Ye},
title={Analyzing Blockchain Consensus Mechanisms for Double-Spending Attack Prevention},
booktitle={Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML},
year={2024},
pages={432-437},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013525500004619},
isbn={978-989-758-754-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML
TI - Analyzing Blockchain Consensus Mechanisms for Double-Spending Attack Prevention
SN - 978-989-758-754-2
AU - Ye J.
PY - 2024
SP - 432
EP - 437
DO - 10.5220/0013525500004619
PB - SciTePress