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Scaling Blockchains: Can Committee-Based Consensus Help?

Author

Listed:
  • Alon Benhaim

    (Department of Mathematics, University of Pennsylvania, Philadelphia, Pennsylvania 19104)

  • Brett H. Falk

    (Computer and Information Science Department, University of Pennsylvania, Philadelphia, Pennsylvania 19104)

  • Gerry Tsoukalas

    (Questrom School of Business, Boston University, Boston, Massachusetts 02215; IMD, CH-1001 Lausanne, Switzerland)

Abstract

In the high-stakes race for scalability, some blockchains have turned to committee-based consensus (CBC), whereby the chain’s recordkeeping rights are entrusted to a committee of block producers elected via approval voting . Smaller committees boost speed and scalability but can compromise security when voters have limited information. In this environment, voting strategies are naturally nonlinear, and equilibria can become intractable. Despite this, we show that elections converge to optimality asymptotically (in voter numbers), exponentially quickly, and under relatively weak informational requirements. Compared to popular stake-weighted lottery and single-vote protocols used in practice, we find that CBC, when paired with approval voting, can offer meaningful efficiency and robustness gains if enough voters are engaged.

Suggested Citation

  • Alon Benhaim & Brett H. Falk & Gerry Tsoukalas, 2023. "Scaling Blockchains: Can Committee-Based Consensus Help?," Management Science, INFORMS, vol. 69(11), pages 6525-6539, November.
    • Handle: RePEc:inm:ormnsc:v:69:y:2023:i:11:p:6525-6539
    DOI: 10.1287/mnsc.2022.03177
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