New Ethereum-based distributed PKI with a reward-and-punishment mechanism

This paper explores the critical role of Public Key Infrastructure (PKI) in ensuring the security of electronic transactions, particularly in validating the authenticity of websites in online environments. Traditional Centralised PKIs (CPKIs) relying on Certificate Authorities (CAs) face a significant drawback due to their susceptibility to a single point of failure. To address this concern, Decentralised PKIs (DPKIs) have emerged as an alternative. However, both centralised and decentralised approaches encounter specific challenges. Researchers have made several attempts using blockchain-based PKI, which implements a reward and punishment mechanism to enhance the security of traditional PKI. Most of the attempts are focused on CA-based PKI, which still suffers from the risk of a single point of failure. Inspired by ETHERST, which is a blockchain-based PKI that implements Web of Trust (WoT) with reward and punishment, we introduce ETHERST version 3.0, with improvements in its secure level algorithm that enhances trustworthiness measurement. Comparative simulations between ETHERST version 2.0 and ETHERST version 3.0 reveal the superior performance of the latter in trustworthiness measurement and ensure the higher security of a virtual community. The new simulation algorithm with different node type definitions and assumptions presents results through tables and graphs, showing that ETHERST version 3.0 outperforms ETHERST version 2.0. This research contributes to advancing the field by introducing an innovative PKI solution with enhanced trustworthiness and security features.