Proof of Contribution: A Modification of Proof of Work to Increase Mining Efficiency

Xue, Tengfei; Yang, Yuan; Zahir, Ahmed; Moniz, Krishna; Cao, Ganyuan; Wang, Cong

doi:10.1109/compsac.2018.00096

Cited by 50 publications

(28 citation statements)

References 8 publications

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“…Golem provides only SaaS, where users assign tasks to be performed by Providers whose probability of payment equals to v/T; v being the amount of money the provider deserves, and T being the total money paid for the provided service. For IExec, the Proof-of-Contribution (PoCOT) [20] algorithm is used, while a security deposit is made by providers, just like in the Proof-of-Stack (PoS) [21]. Providers have the choice to offer their services in an Application Store, while consumers of the service are able to choose the provider according to the reputation and the prices offered.…”

Section: Refmentioning

confidence: 99%

A Survey on Blockchain-Fog Integration Approaches

Baniata

Kertész

2020

IEEE Access

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Fog computing (FC) is the extension of Cloud Computing (CC), from the core of the internet architecture to the edge of the network, with the aim to perform processes closer to end-users. This extension is proven to enhance security, and to reduce latency and energy consumption. Blockchain (BC), on the other hand, is the base technology behind crypto-currencies, yet is implemented in wide range of different applications. The security and reliability, along with the distributed trust management criteria proposed in BC, excited the research community to integrate it with FC, in a step towards reaching a distributed and trusted, Data, Payment, Reputation, and Identity management systems. In this survey we present the upto-date state-of-the-art of FC-BC integration with a detailed literature review and classification. We discuss and categorize the related papers according to the year of publication, domain, used algorithms, BC roles, and the placement of the BC in the FC architecture. Our research presents detailed observations, analysis, and open challenges for the BC-FC integration. We believe such conclusions may clarify the vision of the BC-FC integration, and calibrate the compass towards open issues and future research directions.

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Section: Refmentioning

confidence: 99%

A Survey on Blockchain-Fog Integration Approaches

Baniata

Kertész

2020

IEEE Access

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“…PoC [29] consensus protocol combines the Concept of PoW and PoS algorithms by slight modification of introducing the "Success time" concept and "success time value" as a stake respectively. Success time adjusting the difficulty value for a miner.…”

Section: Proof Of Contribution (Poc)mentioning

confidence: 99%

A Study on Public Blockchain Consensus Algorithms: A Systematic Literature Review

Jalal¹,

Shukur²,

Bakar³

2020

Preprint

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The purpose of this study is to present a systematic review of the literature on public blockchain consensus algorithms. Blockchain consensus algorithms have gain much popularity in last few years especially in the cryptocurrency field. Based on a systematic review of the relevant literature, we provide a classification of blockchain consensus algorithms, philosophy behind creation of blockchain consensus algorithms and as well as the rewards and incentive strategies of various public blockchain consensus algorithms. On the basis of these results, the research gaps and future work directions are identified for further study.

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“…There have been several recent studies on improving the mining process of a block mainly by making changes in the consensus algorithms. In such a study [28], the authors tried to tweak the PoW algorithm and combine it with PoS. Their method was to use PoS to keep the honesty of a miner on stake instead of coins.…”

Section: Related Work Concerning Consensus Algorithmsmentioning

confidence: 99%

“…Pool coordinator takes a small amount of fee for his services.Different pools have different strategy to pay reward.A pool will always maximize their earning by selecting the optimal subset of transaction from the memory pool which increase the amount of fees but it keeps the block size same. This is a vaiation of 0-1 knapsack [28]. The transaction selection policy by default [31] works by selecting transactions from the mempool as follows:…”

Section: Mining Poolmentioning

confidence: 99%

Efficient Blockchain System based on Proof of Segmented Work

Monem

Ahmad

Jumana³

et al. 2020

2020 IEEE Region 10 Symposium (TENSYMP)

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The use of Blockchain in Cryptocurrency introduces a technology that acts as an unswervingly growing ledger with the capability to keep an everlasting record of all the transactions that have taken place, in a secure chronological and immutable system. It removes dependency on central financial service providers such as banks, essentially removing the middleman from the transaction. Bitcoin is one of the biggest users in blockchain and holds the highest share in the cryptocurrency market. However, bitcoin has three major problems which are excessive power consumption, confirmation time and fair reward distribution. Hence, we are proposing a system where we have tried to reduce energy consumption by limiting the participation of all the nodes in the network and worked on increasing the propagation speed in the network. Finally, we have put a lot of emphasis on the concept of fair reward distribution which is not considered in most cryptocurrencies. Apart from this, we tried to prove our systems efficiency by comparing the energy consumption with the two most used crypto currencies Bitcoin and Ethereum mathematically. And have reached the conclusion, that our proposed system shall reduce energy consumption by about 80.0% and 46.68% when compared with Bitcoin and Ethereum if each node in our network consumed the equivalent energy as an average node in the bitcoin network, on the otherhand, 92.41% and 79.76% if each node in our network consumed the equivalent energy as an average node in the ethereum network.

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Proof of Contribution: A Modification of Proof of Work to Increase Mining Efficiency

Cited by 50 publications

References 8 publications

A Survey on Blockchain-Fog Integration Approaches

A Survey on Blockchain-Fog Integration Approaches

A Study on Public Blockchain Consensus Algorithms: A Systematic Literature Review

Efficient Blockchain System based on Proof of Segmented Work

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