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. To reduce the network load we use sequential aggregate signature. PoTcoin has many advantage but not limited as strengthening the network topology, promoting currency circulation, anti-outsourcing computing and environment-friendly.

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

Date: received 21 Dec 2017, last revised 27 Dec 2017

Contact author: taotaolittl at outlook com

Available format(s): PDF | BibTeX Citation

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

Version: 20171227:112509 (All versions of this report)

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