Economic Proof of Work

Jia Kan

Paper 2020/1117

Economic Proof of Work

Jia Kan

Abstract

Blockchain is the distributed system allowing multiple parties to host a service. Nakamoto Consensus, also named Proof of Work (PoW), is widely used in Bitcoin and other blockchain systems. PoW is an important consensus algorithm. It solves the Byzantine Generals problem in an open network. It also protects the blockchain security from longest chain attack. World widely virtual currency mining was commonly regarded as over energy consuming. How to make use of the computation capacity provided by mining, is one of the most important problems to solve in blockchain. We extend Proof of Work to be useful and economic. And discover a simple method to generate the proof of storing useful data with PoW. In a blockchain based distributed file storage system, any storage resource owner could freely join as a service provider. It requires the service provider to show the proof of honestly keeping the data content, because the malicious provers may use other's content to generate the proof in order to reduce their resource cost. This is out-sourcing attack. Furtherly, we proposed a novel technique to combine data replica process with Proof of Work's contributing to blockchain security.

Metadata

Available format(s): PDF
Category: Cryptographic protocols
Publication info: Preprint. MINOR revision.
Keywords: Blockchain Nakamoto Consensus Useful Proof of Work Proof of Replication File Storage
Contact author(s): jia kan19 @ student xjtlu edu cn
History: 2020-09-21: received
Short URL: https://ia.cr/2020/1117
License: CC BY

BibTeX

@misc{cryptoeprint:2020/1117,
      author = {Jia Kan},
      title = {Economic Proof of Work},
      howpublished = {Cryptology {ePrint} Archive, Paper 2020/1117},
      year = {2020},
      url = {https://eprint.iacr.org/2020/1117}
}