Related papers: Saving proof-of-work by hierarchical block structu…

Hash-based Proof-of-Work (PoW) used in the Bitcoin Blockchain leads to high energy consumption and resource wastage. In this paper, we aim to re-purpose the energy by replacing the hash function with real-life problems having commercial…

In a Proof-of-Work blockchain such as Bitcoin mining hashrate is increasing in the block reward. An increase in hashrate reduces network vulnerability to attack (a reduction in security cost) while increasing carbon emissions and…

We make several contributions that quantify the real-time hash rate and therefore the consensus of a blockchain. We show that by using only the hash value of blocks, we can estimate and measure the hash rate of all miners or individual…

A soft control of the network activity through varying reward in a proof-of-work (PoW) cryptocurrency is reported. Rewards are the necessity to incent the contributors activities (i.e., mining) in order to maintain the PoW network. Contrary…

In the area of blockchain, numerous methods have been proposed for suppressing intentional forks by attackers more effectively than the random rule. However, all of them, except for the random rule, require major updates, rely on a trusted…

We propose a blockchain architecture in which mining requires a quantum computer. The consensus mechanism is based on proof of quantum work, a quantum-enhanced alternative to traditional proof of work that leverages quantum supremacy to…

Proof of work cryptocurrencies began with the promise of a more egalitarian future with a decentralized monetary system with no powerful entities in charge. While this vision is far from realized, these cryptocurrencies are still touted to…

Bitcoin is the world's first decentralized digital currency. Its main technical innovation is the use of a blockchain and hash-based proof of work to synchronize transactions and prevent double-spending the currency. While the qualitative…

Blockchain systems face persistent challenges of scalability, latency, and energy inefficiency. Existing consensus protocols such as Proof-of-Work (PoW) and Proof-of-Stake (PoS) either consume excessive resources or risk centralization.…

Blockchain technology emerged with the advent of Bitcoin and rapidly developed over the past few decades, becoming widely accepted and known by the public. However, in the past decades, the massive adoption of blockchain technology has yet…

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 a PoW-based blockchain network, mining pools (the solo miner could be regarded as a mining pool containing one miner) compete to successfully mine blocks to pursue rewards. Generally, the rewards include the fixed block subsidies and…

Proof-of-work blockchains reward each miner for one completed block by an amount that is, in expectation, proportional to the number of hashes the miner contributed to the mining of the block. Is this proportional allocation rule optimal?…

The blocks in the Bitcoin blockchain record the amount of work W that went into creating them through proofs of work. When honest parties control a majority of the work, consensus is achieved by picking the chain with the highest recorded…

Bitcoin demonstrated the possibility of a financial ledger that operates without the need for a trusted central authority. However, concerns persist regarding its security and considerable energy consumption. We assess the consensus…

The mining of bitcoin is modeled using system dynamics, showing that the past evolution of the network hash rate can be explained to a large extent by an efficient market hypothesis applied to the mining of blocks. The possibility of a…

Owing to some special characteristics and features, blockchain is a very useful technique that can securely organize diverse devices in a smart city. It finds wide applications, especially in distributed environments, where entities such as…

Proof-of-stake (PoS) is a promising approach for designing efficient blockchains, where block proposers are randomly chosen with probability proportional to their stake. A primary concern with PoS systems is the "rich getting richer"…

Most concurrent blockchain systems rely heavily on the Proof-of-Work (PoW) or Proof-of-Stake (PoS) mechanisms for decentralized consensus and security assurance. However, the substantial energy expenditure stemming from computationally…

Proof-of-Work is a consensus algorithm where miners solve cryptographic puzzles to mine blocks and obtain a reward through some Block Reward Mechanism (BRM). PoW blockchain faces the problem of centralization due to the formation of mining…