POWER: High-Throughput Blockchain Based on Computing Power Utilization

Proof-of-Work (PoW) based blockchain reaches consensus by solving computational puzzles, with only the winners generating blocks. In other words, most nodes waste their computing power, resulting in a mismatch between transaction throughput and system scale (i.e., the number of nodes). In this paper, we propose POWER, a high transaction throughput blockchain architecture that utilizes node computing power. Specifically, by introducing hook block and transaction block, we design a parallel structure to increase the utilization of the computing power of nodes that package and add transactions to the blockchain. In the parallel structure, the hook block hangs the transaction block and solves the problem of transaction redundancy. We also present a round interval confirmation mechanism to increase the utilization of the computing power of nodes that confirm transactions. We conduct experiments on POWER and the experiment results show that POWER has a 63% higher transaction throughput and a 51% lower transaction confirmation latency compared to other schemes. In particular, the transaction confirmation accuracy of POWER is 5.9 times better than that of OHIE.