Proof of Importance: A Consensus Algorithm for Importance Based on Dynamic Authorization

Abstract

Proof of stake consensus algorithm (PoS) has the advantage of not requiring arithmetic power, however, the higher the stake, the more likely the node will get the right to account. As a result, the accounting nodes are highly deterministic and the rich get richer, once the node with the highest equity fails to account for the block properly. The rest of the nodes have to compete again for accounting rights, and the probability of system stagnation will increase sharply. To address these two shortcomings, a consensus algorithm based on dynamic delegation of proof of importance (DPoI) is proposed.The algorithm introduces an importance assessment scheme that calculates the importance ivlaue (iValue) of nodes in each round based on nodes aValue, iTrade, Ltime and Credit.Finally, the Fibonacci series is used to divide nodes with similar iValue into a group, and the group draws on the DPoS voting strategy ranking to act as alternative nodes, thus forming a disaster recovery scheme to effectively avoid system stagnation, which effectively enhances the security and stability of the blockchain system. The experimental results show that the speed of DPoI block out is about 6 times faster than PoI, which significantly improves the block out speed.