Analysis of Ethereum Ghost Protocol under Blockchain Framework
DOI:
https://doi.org/10.54097/hset.v60i.10347Keywords:
Ethereum Ghost Protocol, centralization, centralization bias, blockchain, Ethereum.Abstract
This article discusses Ethereum Ghost Protocol, a technology that promises faster mining speeds. The Ghost protocol enables different crypto miners to create valid blocks concurrently. The article explains why the protocol reduces the delay in traditional blockchains through stale or uncle blocks. It explains why the Ghost Protocol is faster than Bitcoin. It also introduces areas in which Ethereum Ghost Protocol can work, such as insecure environments and Internet of Things (IoT). Besides, the paper defines centralization bias and explains how the Ghost Protocol solves the problem. Since the Ghost Protocol is decentralized and stores information in multiple nodes, it is more secure. Besides, it is scalable and saves storage space. Despite these benefits, this paper discusses two significant challenges, including slow transactions and difficulties in coding. However, the Ghost protocol will enhance cryptocurrency due to the ease of mining, enhanced security, and other benefits to miners. Overall, the paper suggests the need to embrace the Ghost protocol in the blockchain.
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