Cryptocurrency mining using a single-leader election algorithm

A blockchain single-leader election algorithm that overcomes the deficiencies of existing blockchain implementations, such as implementations that rely on the proof of work, is described herein. For example, the single-leader election algorithm may include a series of rounds, where at most one node is selected as a leader in each round and the selected leader is able to form a new block in the blockchain. The single-leader election is not an election in which there are votes, but an election in which a node is selected as a leader at random to avoid bias, such as the bias that is present in existing blockchain implementations. Any node can become a leader, and the elections are driven by burning or destroying a cryptocurrency that is different than the cryptocurrency provided to a node as a block reward and transaction fees when the node is selected as a leader.