📜Abstract

The foundation for distributed ledgers based on blockchains was created by Satoshi Nakamoto in 2008. An open, anonymous network of nodes, or miners, which work together to maintain a public ledger of transactions, is the basis of this system. The ledger is a chain of blocks called a blockchain, and each block contains a collection of fresh transactions gathered from users. The blockchain created by Satoshi has a significant scalability issue.

All trustworthy nodes must be aware of each other's blocks relatively soon after they are created in order for Satoshi's longest chain rule, more often referred to as the Bitcoin protocol, to function securely. In order to achieve this, the system's throughput is artificially suppressed such that each block propagates completely before the creation of the next.

To distinguish between blocks mined correctly by honest nodes and those produced by non-cooperating nodes who opted to stray from the mining protocol, PHANTOM solves an optimization problem over the blockDAG. By making this distinction, PHANTOM offers a solid total order on the blockDAG that is ultimately accepted by all trustworthy nodes. In order to avoid the exorbitant computation required to implement PHANTOM, we created the effective greedy algorithm GHOSTDAG, which perfectly encapsulates the design of PHANTOM.

We offer a formal demonstration of GHOSTDAG's security, showing that its block ordering is irreversible up to an exponentially inconsequential factor with interoperability. We go through GHOSTDAG's characteristics and how it stacks up against other DAG-based protocols. GHOST- DAG under actual world circumstances. We analyze confirmation times gleaned from watching the main network.