RDV: Register, Deposit, Vote: a full decentralized consensus algorithm for blockchain based networks

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) [17,38]. 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 security 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-to-day, Bitcoin is approaching this risk (see Figure 3). The method we introduce is a tamper proof permissionless and based on a distributed voting process: RDV: Register, Deposit, Vote.