Cryptology ePrint Archive: Report 2017/1242

Designing Proof of Transaction Puzzles for Cryptocurrency

Taotao Li and Parhat Abla and 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.

Category / Keywords: consensus, proof of transaction, sequential aggregate signature, blockchain

Date: received 21 Dec 2017, last revised 14 Sep 2018

Contact author: litaotao at iie ac cn

Available format(s): PDF | BibTeX Citation

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

Version: 20180914:100958 (All versions of this report)

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