Related papers: Quantum Advantage on Proof of Work
Blockchain protocols implement total-order broadcast in a permissionless setting, where processes can freely join and leave. In such a setting, to safeguard against Sybil attacks, correct processes rely on cryptographic proofs tied to a…
Mining is the important part of the blockchain used the proof of work (PoW) on its consensus, looking for the matching block through testing a number of hash calculations. In order to attract more hash computing power, the miner who finds…
Blockchain systems are designed to produce blocks at a constant average rate. The most popular systems currently employ a Proof of Work (PoW) algorithm as a means of creating these blocks. Bitcoin produces, on average, one block every 10…
This paper we define a new Puzzle called Proof-of-Interaction and we show how it can replace, in the Bitcoin protocol, the Proof-of-Work algorithm.
Quantum computation is an emerging technology that promises to be a powerful tool in many areas. Though some years likely still remain until significant quantum advantage is demonstrated, the development of the technology has led to a range…
Blockchain is an essentially distributed database recording all transactions or digital events among participating parties. Each transaction in the records is approved and verified by consensus of the participants in the system that…
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…
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…
One of the most important features of blockchain protocols is decentralization, as their main contribution is that they formulate a distributed ledger that will be maintained and extended without the need of a trusted party. Bitcoin has…
One of the fundamental theories of physics is that of quantum mechanics. Quantum mechanics tries to explain the inconsistencies in the behaviors of systems at the macro and micro scales. Quantum mechanics paved the way for quantum computing…
Quantum computers promise to efficiently solve not only problems believed to be intractable for classical computers, but also problems for which verifying the solution is also considered intractable. This raises the question of how one can…
The Decentralized-Consistent-Scale (DCS) Triangle defines three dimensions that illustrate the tradeoffs of the blockchain consensus mechanism. In this paper, we propose a new hybrid consensus protocol, called Deterministic Proof of Work…
Proof of work blockchain protocols using multiple hash types are considered. It is proven that the security region of such a protocol cannot be the AND of a 51\% attack on all the hash types. Nevertheless, a protocol called Merged Bitcoin…
The Ethereum Improvement Proposal 3675 (EIP-3675) marks a significant shift, transitioning from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. This transition resulted in a staggering 99.95% decrease in energy…
This paper provides an in-depth review of the evolving role of quantum computing in the financial sector, emphasizing both its computational potential and cybersecurity implications. Distinguishing itself from existing surveys, this work…
Over the past five years, the rewards associated with mining Proof-of-Work blockchains have increased substantially. As a result, miners are heavily incentivized to design and utilize Application Specific Integrated Circuits (ASICs) that…
Blockchains have gained substantial attention from academia and industry for their ability to facilitate decentralized trust and communications. However, the rapid progress of quantum computing poses a significant threat to the security of…
Quantum computing promises to provide the next step up in computational power for diverse application areas. In this review, we examine the science behind the quantum hype, and the breakthroughs required to achieve true quantum advantage in…
Blockchains combine other technologies, such as cryptography, networking, and incentive mechanisms, to enable the creation, validation, and recording of transactions between participating nodes. A consensus algorithm is used in a blockchain…
With the advent of quantum computing, cryptocurrencies that rely on blockchain technology face mounting cryptographic vulnerabilities. This paper presents a comprehensive literature review evaluating how quantum algorithms, specifically…