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Valuable Puzzles for Proofs-of-Work

Boyd, Colin; Carr, Christopher

Authors

Colin Boyd



Abstract

Proof-of-work (PoW) is used as the consensus mechanism in most cryptocurrencies. PoW-based puzzles play an important part in the operation and security of a cryptocurrency, but come at a considerable energy cost. One approach to the problem of energy wastage is to find ways to build PoW schemes from valuable computational problems. This work proposes calibration of public key cryptographic systems as a suitable source of PoW puzzles. We describe the properties needed to adapt public key cryptosystems as PoW functions suitable for decentralised cryptocurrencies and provide a candidate example.

Citation

Boyd, C., & Carr, C. (2018). Valuable Puzzles for Proofs-of-Work. In Data Privacy Management, Cryptocurrencies and Blockchain Technology (130-139). https://doi.org/10.1007/978-3-030-00305-0_10

Conference Name International Workshop on Cryptocurrencies and Blockchain Technology
Conference Location Barcelona
Start Date Jun 1, 2018
Acceptance Date Jun 1, 2018
Publication Date Sep 6, 2018
Deposit Date Feb 25, 2020
Volume 11025
Pages 130-139
Series Title Lecture Notes in Computer Science
Book Title Data Privacy Management, Cryptocurrencies and Blockchain Technology
DOI https://doi.org/10.1007/978-3-030-00305-0_10
Public URL https://uwe-repository.worktribe.com/output/5452603
Publisher URL https://doi.org/10.1007/978-3-030-00305-0\_10


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