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Valuable Puzzles for Proofs-of-Work

Boyd, Colin Alexander; Carr, Christopher
Journal article, Peer reviewed
Accepted version
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URI
http://hdl.handle.net/11250/2594476
Date
2018
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  • Institutt for informasjonssikkerhet og kommunikasjonsteknologi [2775]
  • Publikasjoner fra CRIStin - NTNU [41869]
Original version
Lecture Notes in Computer Science. 2018, 11025 130-139.   10.1007/978-3-030-00305-0_10
Abstract
Proof-of-work (PoW) is used as the consensus mechanism in most cryptocurrencies. PoW-based puzzles play an important part in the operation and security of a cryptocurrency, but come at a considerable energy cost. One approach to the problem of energy wastage is to find ways to build PoW schemes from valuable computational problems. This work proposes calibration of public key cryptographic systems as a suitable source of PoW puzzles. We describe the properties needed to adapt public key cryptosystems as PoW functions suitable for decentralised cryptocurrencies and provide a candidate example.
Publisher
Springer Verlag
Journal
Lecture Notes in Computer Science

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