A Cooperative Mechanism to Speedup the Block Generation in Blockchain

In Blockchain, the Proof of Work (PoW) consensus algorithm is one of the most acceptable mechanisms for block generation and validation. However, the mining process of the PoW-based blockchain technology is slow because of its internal mechanism and competitive mining process. This paper proposes a new block-mining mechanism for blockchain-based cryptocurrencies. Unconfirmed transaction hashes reside in the memory pools (Mempool) of the blockchain network. In our proposed model, we utilize this Mempool in an efficient way for block generation. We introduce a new type of node called supervisor node to speed up this mining process. The traditional PoW-based approach creates a waste of the hash-solving power of the network miners. In our model, miners are controlled by those supervisor nodes. The supervisor nodes manage a shared mining process mechanism among those hired miners. Theoretical analysis of our proposed mechanism shows that this process can help remedy the hash-solving power wastage problem in Blockchain.