In this paper we propose a double-linked blockchain data structure that
greatly improves blockchain performance and guarantees single chain with no
forks. Additionally, with the proposed proof-of-refundable-tax (PoRT) consensus
algorithm, our approach can construct highly reliable, efficient, fair and
stable blockchain operations. The PoRT algorithm adopts a verifiable random
function instead of mining to select future block maintainers with the
probability proportional to each participant’s personal refundable tax. The
individual refundable tax serves as an index of the activeness of participation
and hence PoRT can effectively prevent Sybil attacks. Also, with the
block-completion reward deducted from each maintainer’s refundable tax, our
blockchain system maintains a stable wealth distribution and avoids the “rich
become richer” problem. We have implemented the approach and tested with very
promising results.

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