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Proceeding Paper

Optimal Transaction Throughput in Proof-of-Work Based Blockchain Networks

Department of Electrical Engineering, Indian Institute of Technology Hyderabad, Telangana 502285, India
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Authors to whom correspondence should be addressed.
Presented at the 3rd annual Decentralized Conference, Athens, Greece, 30 October–1 November 2019.
Proceedings 2019, 28(1), 6; https://doi.org/10.3390/proceedings2019028006
Published: 22 October 2019
As of today, Bitcoin suffers with restrictive transaction throughput of 3–7 transactions per sec and the transaction confirmation takes several min as bitcoin blockchain was designed with a block creation time of 10 min and each block is restricted with less blocksize for fast transmission. In this paper, we obtained the optimal transaction throughput for a Proof-of-Work (PoW) based longest chain rule blockchain network (called bitcoin protocol). This is done by modeling the delay diameter (D) and double spending attack in a Erd o ¨ s-R e ´ nyi random network topology as constraints. Through numerical results, it is shown that the throughput can be significatly improved without compromising the fairness of the network.
Keywords: block creation rate; delay diameter; probability of successful double-spend; throughput; rewards block creation rate; delay diameter; probability of successful double-spend; throughput; rewards
MDPI and ACS Style

Reddy, B.S.; Sharma, G.V.V. Optimal Transaction Throughput in Proof-of-Work Based Blockchain Networks. Proceedings 2019, 28, 6. https://doi.org/10.3390/proceedings2019028006

AMA Style

Reddy BS, Sharma GVV. Optimal Transaction Throughput in Proof-of-Work Based Blockchain Networks. Proceedings. 2019; 28(1):6. https://doi.org/10.3390/proceedings2019028006

Chicago/Turabian Style

Reddy, B. S., and G. V.V. Sharma. 2019. "Optimal Transaction Throughput in Proof-of-Work Based Blockchain Networks" Proceedings 28, no. 1: 6. https://doi.org/10.3390/proceedings2019028006

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