Designing Proof of Transaction Puzzles for Cryptocurrency

Taotao Li; Parhat Abla; Mingsheng Wang; Qianwen Wei

Paper 2017/1242

Designing Proof of Transaction Puzzles for Cryptocurrency

Taotao Li, Parhat Abla, Mingsheng Wang, and Qianwen Wei

Abstract

One of the Bitcoin's innovations is the Proof of Work puzzle (aka scratch-off puzzle) as a consensus protocol for anonymous networks without pre-established PKI. Bitcoins based on the Proof of Work puzzle have been harshly blamed today for problems such as energy wasted and not easily scalable. In this paper, we construct a novel Proof of Transaction(PoT) puzzle, and prove that PoT puzzle satisfies the basic construction conditions of scratch-off puzzle. We also show construction of PoTcoin as application. PoTcoin has many advantage but not limited as strengthening the network topology, promoting currency circulation, anti-outsourcing computing and environment-friendly.

Note: The paper is not published yet, hoping for an early publication.

Metadata

Available format(s): PDF
Publication info: Preprint. MINOR revision.
Keywords: consensus proof of transaction sequential aggregate signature blockchain
Contact author(s): litaotao @ iie ac cn
History: 2018-09-14: last of 6 revisions; 2017-12-23: received; See all versions
Short URL: https://ia.cr/2017/1242
License: CC BY

BibTeX

@misc{cryptoeprint:2017/1242,
      author = {Taotao Li and Parhat Abla and Mingsheng Wang and Qianwen Wei},
      title = {Designing Proof of Transaction Puzzles for Cryptocurrency},
      howpublished = {Cryptology {ePrint} Archive, Paper 2017/1242},
      year = {2017},
      url = {https://eprint.iacr.org/2017/1242}
}