I am no academic, but I read a lot of papers and going to write one this year. I skimmed the paper without getting into details about the protocol itself, but made some observations about the paper in general. My personal very subjective opinion on how the paper might be reinforced is presented below.

1. Add a system model description under which your protocol is expected to operate.

2. Add description of fault-tolerant properties of the protocol.

3. Do you plan to prove correctness of the algorithm more formally? Maybe you could model the algorithm before publishing. If you prove a safety property using model checking it could considerably reduce doubt about an algorithm correctness.