Related papers: Toward Low-Cost and Stable Blockchain Networks
This paper opts to mitigate the energy-inefficiency of the Blockchain Proof-of-Work (PoW) consensus algorithm by rationally repurposing the power spent during the mining process. The original PoW mining scheme is designed to consider one…
Blockchain plays a crucial role in ensuring the security and integrity of decentralized systems, with the proof-of-work (PoW) mechanism being fundamental for achieving distributed consensus. As PoW blockchains see broader adoption, an…
This work presents the design and implementation of a blockchain system that enables the trustable transactive energy management for distributed energy resources (DERs). We model the interactions among DERs, including energy trading and…
We argue that the current POW based consensus algorithm of the Bitcoin network suffers from a fundamental economic discrepancy between the real world transaction (txn) costs incurred by miners and the wealth that is being transacted. Put…
Abrupt changes in the miner hash rate applied to a proof-of-work (PoW) blockchain can adversely affect user experience and security. Because different PoW blockchains often share hashing algorithms, miners face a complex choice in deciding…
The fast growth of distributed energy resources (DERs), such as distributed renewables (e.g., rooftop PV panels), energy storage systems, electric vehicles, and controllable appliances, drives the power system toward a decentralized system…
Proof of Work (PoW) blockchains burn a lot of energy. Proof-of-work algorithms are expensive by design and often only serve to compute blockchains. In some sense, carbon-based and non-carbon based regional electric power is fungible. So the…
All public blockchains are secured by a proof of opportunity cost among block producers. For example, the security offered by proof-of-work (PoW) systems, like Bitcoin, is due to spent computation; it is work precisely because it cannot be…
This paper proposes a random network model for blockchains, a distributed hierarchical data structure of blocks that has found several applications in various industries. The model is parametric on two probability distribution functions…
Blockchain has many benefits including decentralization, availability, persistency, consistency, anonymity, auditability and accountability, and it also covers a wide spectrum of applications ranging from cryptocurrency, financial services,…
In this paper, a novel framework that uses wireless mobile miners (MMs) for computation purposes in a blockchain system is proposed. In the introduced system, the blockchain ledger is located at the communication nodes (CNs), and the MMs…
Blockchain stores information into a chain of "blocks", whose integrity is usually guaranteed by Proof of Work (PoW). In many blockchain applications (including cryptocurrencies), users compete with each other to win the ownership of the…
We study the applicability of blockchain technology for distributed event detection under resource constraints. Therefore we provide a test-suite with several promising consensus methods (Proof-of-Work, Proof-of-Stake, Distributed…
In this paper, we represent the problem of selecting miners within a blockchain-based system as a subset selection problem. We formulate the problem of minimising blockchain energy consumption as an optimisation problem with two conflicting…
Proof-of-Work (PoW) systems face critical challenges, including excessive energy consumption and the centralization of mining power among entities with expensive hardware. Static mining pools exacerbate these issues by reducing competition…
Blockchains have recently gained popularity thanks to their ability to record "digital truth". They are designed to keep persistence, security, and avoid attacks which is useful for many applications. However, they are still problematic in…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
Blockchain uses the idea of storing transaction data in the form of a distributed ledger wherein each node in the network stores a current copy of the sequence of transactions in the form of a hash chain. This requirement of storing the…
This work applies reinforcement learning (RL) from the AI machine learning field to derive an optimal Bitcoin-like blockchain mining strategy without knowing the details of the blockchain network model. Previously, the most profitable…
We develop a general and practical framework to address the problem of the optimal design of dynamic fee mechanisms for multiple blockchain resources. Our framework allows to compute policies that optimally trade-off between adjusting…