Paper 2022/1354
Embracing Hellman: A Simple Proof-of-Space Search consensus algorithm with stable block times using Logarithmic Embargo
Abstract
Cryptocurrencies have become tremendously popular since the creation of Bitcoin. However, its central Proof-of-Work consensus mechanism is very power hungry. As an alternative, Proof-of-Space (PoS) was introduced that uses storage instead of computations to create a consensus. However, current PoS implementations are complex and sensitive to the Nothing-at-Stake problem, and use mitigations that affect their permissionless and decentralised nature. We introduce Proof-of-Space Search (PoSS) which embraces Hellman's time-memory trade-off to create a much simpler algorithm that avoids the Nothing-at-Stake problem. Additionally, we greatly stabilise block-times using a novel dynamic Logarithmic Embargo (LE) rule. Combined, we show that PoSSLE is a simple and stable alternative to PoW with many of its properties, while being an estimated 10 times more energy efficient and sustaining consistent block times.
Metadata
- Available format(s)
-
PDF
- Category
- Foundations
- Publication info
- Preprint.
- Keywords
- blockchain consensus algorithm proof-of-space logarithmic embargo energy efficient
- Contact author(s)
- m stollenga @ gmail com
- History
- 2022-10-14: approved
- 2022-10-10: received
- See all versions
- Short URL
- https://ia.cr/2022/1354
- License
-
CC BY
BibTeX
@misc{cryptoeprint:2022/1354,
author = {Marijn F. Stollenga},
title = {Embracing Hellman: A Simple Proof-of-Space Search consensus algorithm with stable block times using Logarithmic Embargo},
howpublished = {Cryptology {ePrint} Archive, Paper 2022/1354},
year = {2022},
url = {https://eprint.iacr.org/2022/1354}
}
