Towards a low carbon proof-of-work blockchain
Proof of Work (PoW) blockchains burn a lot of energy. Proof-of-work algorithms are expensive by design and often only serve to compute blockchains. In some sense, carbon-based and non-carbon based regional electric power is fungible. So the total carbon and non-carbon electric power mix plays a role...
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| creator | Gemajli, Agron Patel, Shivam Bradford, Phillip G |
| description | Proof of Work (PoW) blockchains burn a lot of energy. Proof-of-work
algorithms are expensive by design and often only serve to compute blockchains.
In some sense, carbon-based and non-carbon based regional electric power is
fungible. So the total carbon and non-carbon electric power mix plays a role.
Thus, generally PoW algorithms have large CO$_2$ footprints solely for
computing blockchains. A proof of technology is described towards replacing
hashcash or other PoW methods with a lottery and proof-of-VM (PoVM) emulation.
PoVM emulation is a form of PoW where an autonomous blockchain miner gets a
lottery ticket in exchange for providing a VM (virtual Machine) for a specified
period. These VMs get their jobs from a job queue. Managing and ensuring, by
concensus, that autonomous PoVMs are properly configured and running as
expected gives several gaps for a complete practical system. These gaps are
discussed. Our system is similar to a number of other blockchain systems. We
briefly survey these systems. This paper along with our proof of technology was
done as a senior design project. |
| doi_str_mv | 10.48550/arxiv.2404.04729 |
| format | Article |
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algorithms are expensive by design and often only serve to compute blockchains.
In some sense, carbon-based and non-carbon based regional electric power is
fungible. So the total carbon and non-carbon electric power mix plays a role.
Thus, generally PoW algorithms have large CO$_2$ footprints solely for
computing blockchains. A proof of technology is described towards replacing
hashcash or other PoW methods with a lottery and proof-of-VM (PoVM) emulation.
PoVM emulation is a form of PoW where an autonomous blockchain miner gets a
lottery ticket in exchange for providing a VM (virtual Machine) for a specified
period. These VMs get their jobs from a job queue. Managing and ensuring, by
concensus, that autonomous PoVMs are properly configured and running as
expected gives several gaps for a complete practical system. These gaps are
discussed. Our system is similar to a number of other blockchain systems. We
briefly survey these systems. This paper along with our proof of technology was
done as a senior design project.</description><identifier>DOI: 10.48550/arxiv.2404.04729</identifier><language>eng</language><subject>Computer Science - Cryptography and Security</subject><creationdate>2024-04</creationdate><rights>http://creativecommons.org/licenses/by/4.0</rights><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>228,230,780,885</link.rule.ids><linktorsrc>$$Uhttps://arxiv.org/abs/2404.04729$$EView_record_in_Cornell_University$$FView_record_in_$$GCornell_University$$Hfree_for_read</linktorsrc><backlink>$$Uhttps://doi.org/10.48550/arXiv.2404.04729$$DView paper in arXiv$$Hfree_for_read</backlink></links><search><creatorcontrib>Gemajli, Agron</creatorcontrib><creatorcontrib>Patel, Shivam</creatorcontrib><creatorcontrib>Bradford, Phillip G</creatorcontrib><title>Towards a low carbon proof-of-work blockchain</title><description>Proof of Work (PoW) blockchains burn a lot of energy. Proof-of-work
algorithms are expensive by design and often only serve to compute blockchains.
In some sense, carbon-based and non-carbon based regional electric power is
fungible. So the total carbon and non-carbon electric power mix plays a role.
Thus, generally PoW algorithms have large CO$_2$ footprints solely for
computing blockchains. A proof of technology is described towards replacing
hashcash or other PoW methods with a lottery and proof-of-VM (PoVM) emulation.
PoVM emulation is a form of PoW where an autonomous blockchain miner gets a
lottery ticket in exchange for providing a VM (virtual Machine) for a specified
period. These VMs get their jobs from a job queue. Managing and ensuring, by
concensus, that autonomous PoVMs are properly configured and running as
expected gives several gaps for a complete practical system. These gaps are
discussed. Our system is similar to a number of other blockchain systems. We
briefly survey these systems. This paper along with our proof of technology was
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algorithms are expensive by design and often only serve to compute blockchains.
In some sense, carbon-based and non-carbon based regional electric power is
fungible. So the total carbon and non-carbon electric power mix plays a role.
Thus, generally PoW algorithms have large CO$_2$ footprints solely for
computing blockchains. A proof of technology is described towards replacing
hashcash or other PoW methods with a lottery and proof-of-VM (PoVM) emulation.
PoVM emulation is a form of PoW where an autonomous blockchain miner gets a
lottery ticket in exchange for providing a VM (virtual Machine) for a specified
period. These VMs get their jobs from a job queue. Managing and ensuring, by
concensus, that autonomous PoVMs are properly configured and running as
expected gives several gaps for a complete practical system. These gaps are
discussed. Our system is similar to a number of other blockchain systems. We
briefly survey these systems. This paper along with our proof of technology was
done as a senior design project.</abstract><doi>10.48550/arxiv.2404.04729</doi><oa>free_for_read</oa></addata></record> |
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| subjects | Computer Science - Cryptography and Security |
| title | Towards a low carbon proof-of-work blockchain |
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