Cryptocurrency mining using a single-leader election algorithm

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...

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Hauptverfasser: Nelson, Jude, Blankstein, Aaron
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Sprache:eng
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ELECTRIC COMMUNICATION TECHNIQUE
ELECTRICITY
TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHICCOMMUNICATION
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Blankstein, Aaron
description 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.
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subjects ELECTRIC COMMUNICATION TECHNIQUE
ELECTRICITY
TRANSMISSION OF DIGITAL INFORMATION, e.g. TELEGRAPHICCOMMUNICATION
title Cryptocurrency mining using a single-leader election algorithm
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