Nazfast: An Exceedingly Scalable, Secure, and Decentralized Consensus for Blockchain Network Powered by S&SEM and Sea Shield

Abstract

Blockchain technology uses a consensus mechanism to create and finalize blocks. The consensus mechanism affects the total performance parameters of the blockchain network, such as throughput. In this paper, we present "Nazfast", a simplified proof of stake-Byzantine fault tolerance based consensus mechanism to create and finalize blocks. The presented consensus is completed in multiple folds. For block producer and validation committee selection, we used a secure and speeded-up election mechanism, S&Sem, in Nazfast. The consensus is designed for fast block finalization in a malicious environment. The simulation result shows that we approximately achieved three block finalizations in 1 s with almost similar latency. We reduced and fixed the number of validators in the consensus to improve the throughput. We achieved a higher throughput among other consensus of the same family. Because we reduced the number of validators, the safety parameters of the consensus are at risk, so we used Sea Shield to improve the overall consensus safety. This is another blockchain to save nodes' details when they join/unjoin the network as validators. By using all three parts together, our system is protected from 28-plus different attacks, and we maintain a high decentralization by using S&Sem. Finally, we also enhance the incentive mechanism of consensus to improve the liveness of the network.