Title: RDV: Register, Deposit, Vote: Secure and Decentralized Consensus Mechanism for Blockchain Networks,
Abstract: A decentralized payment system is not secure if transactions are transferred
directly between clients. In such a situation it is not possible to prevent a
client from redeeming some coins twice in separate transactions that means a
double-spending attack. Bitcoin uses a simple method to preventing this attack
i.e. all transactions are published in a unique log (blockchain). This approach
requires a global consensus on the blockchain that because of significant
latency for transaction confirmation is vulnerable against double-spending. The
solution is to accelerate confirmations. In this paper, we try to introduce an
alternative for PoW because of all its major and significant problems that lead
to collapsing decentralization of the Bitcoin, while a full decentralized
payment system is the main goal of Bitcoin idea. As the network is growing and
becoming larger day-today , Bitcoin is approaching this risk. The method we
introduce is based on a distributed voting process: RDV: Register, Deposit,
Vote.