797 research outputs found
Direct Acyclic Graph based Ledger for Internet of Things: Performance and Security Analysis
Direct Acyclic Graph (DAG)-based ledger and the corresponding consensus
algorithm has been identified as a promising technology for Internet of Things
(IoT). Compared with Proof-of-Work (PoW) and Proof-of-Stake (PoS) that have
been widely used in blockchain, the consensus mechanism designed on DAG
structure (simply called as DAG consensus) can overcome some shortcomings such
as high resource consumption, high transaction fee, low transaction throughput
and long confirmation delay. However, the theoretic analysis on the DAG
consensus is an untapped venue to be explored. To this end, based on one of the
most typical DAG consensuses, Tangle, we investigate the impact of network load
on the performance and security of the DAG-based ledger. Considering unsteady
network load, we first propose a Markov chain model to capture the behavior of
DAG consensus process under dynamic load conditions. The key performance
metrics, i.e., cumulative weight and confirmation delay are analysed based on
the proposed model. Then, we leverage a stochastic model to analyse the
probability of a successful double-spending attack in different network load
regimes. The results can provide an insightful understanding of DAG consensus
process, e.g., how the network load affects the confirmation delay and the
probability of a successful attack. Meanwhile, we also demonstrate the
trade-off between security level and confirmation delay, which can act as a
guidance for practical deployment of DAG-based ledgers.Comment: accepted by IEEE Transactions on Networkin
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