Single-Tiered Hybrid PoW Consensus Protocol to Encourage Decentralization in Bitcoin
We propose a single-tiered hybrid proof-of-work consensus protocol to encourage decentralization in bitcoin. Our new mechanism comprises coupled puzzles from which properties differ from each other; the one is the extant outsourceable bitcoin puzzle while the other is nonoutsourceable. Our new proto...
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Veröffentlicht in: | Security and communication networks 2023-07, Vol.2023, p.1-12 |
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Hauptverfasser: | , , , , , , |
Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | We propose a single-tiered hybrid proof-of-work consensus protocol to encourage decentralization in bitcoin. Our new mechanism comprises coupled puzzles from which properties differ from each other; the one is the extant outsourceable bitcoin puzzle while the other is nonoutsourceable. Our new protocol enables miners to solve either puzzle as they want; therefore, blocks can be generated by either puzzle. Our hybrid consensus can be successfully implemented in bitcoin because it is backward-compatible with existing bitcoin mining equipment (more precisely, existing bitcoin mining ASICs). |
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ISSN: | 1939-0114 1939-0122 |
DOI: | 10.1155/2023/6169933 |