PoVD: Efficient Consensus Protocol based on Verifiable Delay Function

Abstract: Consensus protocols ensure the robustness and scalability of blockchains and decentralized applications built on them. However, existing consensus mechanisms often impose high computational cost or require heavy communication overhead. To address these challenges, we propose proof of verifiable delay (PoVD), a lightweight consensus protocol based on the verifiable delay function (VDF). We present the detailed protocol of PoVD, including the block mining and verification rules, and illustrate how PoVD can flexibly adjust the block time distribution according to the network condition. Through mathematical proof, we point out that, under a relatively weak network assumption, PoVD can achieve a lower fork rate than PoW while maintaining the same throughput. Our experiments verify that PoVD exhibits low computation and communication complexity and can also improve the blockchain consistency, making it particularly suitable for resource-constrained nodes and bandwidth-limited networks.