Mr and Professor

06/06/2019
by   Tosin P. Adewumi, et al.
0

In this paper, the authors propose to increase the efficiency of blockchain mining by using a population-based approach. Blockchain relies on solving difficult mathematical problems as proof-of-work within a network before blocks are added to the chain. Brute force approach, advocated by some as the fastest algorithm for solving partial hash collisions and implemented in Bitcoin blockchain, implies exhaustive, sequential search. It involves incrementing the nonce (number) of the header by one, then taking a double SHA-256 hash at each instance and comparing it with a target value to ascertain if lower than that target. It excessively consumes both time and power. In this paper, the authors, therefore, suggest using an inner for-loop for the population-based approach. Comparison shows that it's a slightly faster approach than brute force, with an average speed advantage of about 1.67 second and 73 the total particles deployed, the better the performance until a pivotal point. Furthermore, a recommendation on taming the excessive use of power by networks, like Bitcoin's, by using penalty by consensus is suggested.

READ FULL TEXT
research
08/18/2020

A Jumping Mining Attack and Solution

Mining is the important part of the blockchain used the proof of work (P...
research
09/08/2022

Challenges of Proof-of-Useful-Work (PoUW)

Proof-of-Work (PoW) is a popular blockchain consensus algorithm that is ...
research
08/01/2018

An AI Based Super Nodes Selection Algorithm in BlockChain Networks

In blockchain systems, especially cryptographic currencies such as Bitco...
research
05/15/2019

An Empirical Evaluation of Selfish Mining and Strategic Mining in Proof-of-Work Blockchain with Multiple Miners

Nowadays, Bitcoin and Proof-of-Work blockchain systems are becoming prom...
research
02/19/2018

Quantum-Assisted Blockchain

Bitcoin and blockchain in general is hot topic nowadays. In the paper we...
research
05/04/2020

JaxNet: Scalable Blockchain Network

Today's world is organized based on merit and value. A single global cur...
research
11/17/2022

MiftyCoin (MFT): A Cryptocurrency Mined with Proof of Human Work

We present in this paper a cryptocurrency called Mobile Fungible Token (...

Please sign up or login with your details

Forgot password? Click here to reset