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Minting Mechanisms for Blockchain - or - Moving from Cryptoassets to Cryptocurrencies [article]

Dominic Deuber, Nico Döttling, Bernardo Magri, Giulio Malavolta, Sri Aravinda Krishnan Thyagarajan
2018 IACR Cryptology ePrint Archive  
On the other hand, proof of stake systems incentivise coin hoarding as players maximise their utility by holding their stakes.  ...  In this work we initiate the study of minting mechanisms in cryptocurrencies as a primitive on its own right, and as a solution to prevent coin hoarding we propose a novel minting mechanism based on waiting-time  ...  As a proof-of-concept implementation of our system we build an entire blockchain system coupled with our minting mechanism.  ... 
dblp:journals/iacr/DeuberDMMT18 fatcat:oqyyzf227vfflkf4j6bdrjgn6y

Consensusless Blockchain: A Promising High-Performance Blockchain without Consensus [article]

Qing Wang, Jian Zheng, Huawei Huang, Jianru Lin
2022 arXiv   pre-print
For example, double-spending attacks and frequent forking events must be prevented, the credit of block's minting must be carefully defined, and etc.  ...  To address those technical challenges, we propose several solutions for our consensusless blockchain (CB), including a naive monotonic scoring mechanism to calculate the ranking of each block in the chain  ...  That means if we design a blockchain in the consensusless way, a bunch of Proof-based consensus protocols such as PoW and its variants [2] , [4] , [5] , Proof of Stake [3] , [8] , [9] , and byzantine  ... 
arXiv:2208.12381v3 fatcat:ev77zuphyjbcpase5lqwzutv4q

Encrypted, Anonymized System for Protected Health Information Verification Built via Proof of Stake [article]

Houjun Liu
2022 arXiv   pre-print
In this work, a mechanism for decentralized PHI storage and validation is proposed through a novel two-stage handshaking mechanism update to blockchain proof-of-stake consensus.  ...  The proposed mechanism, when used to support a DHP, allows individuals to validate their quarantine and testing universally with any jurisdiction while allowing their right of independent movement and  ...  Wesley Chao of The Nueva School and Dr. Xin Liu at the University of California, Davis for their technical and implementation guidance in the protocol.  ... 
arXiv:2205.02753v1 fatcat:24hswouyrjgajcteo3xgiipkvq

Winkle: Foiling Long-Range Attacks in Proof-of-Stake Systems [article]

Sarah Azouvi, George Danezis, Valeria Nikolaenko
2019 IACR Cryptology ePrint Archive  
Winkle protects any validator-based byzantine fault tolerant consensus mechanisms, such as those used in modern Proof-of-Stake blockchains, against long-range attacks where old validators' signature keys  ...  We discuss how client key rotation increases security, how to accommodate for coins' minting and how delegation allows for faster checkpoints.  ...  The authors would like to thank Ben Maurer (Facebook Novi) for suggesting naming the system after the popular story of Rip Van Winkle.  ... 
dblp:journals/iacr/AzouviDN19 fatcat:ze3b2ujqhfezppj55wpj47sfnu

Research on blockchain consensus mechanism and implementation

Xingxiong Zhu
2019 IOP Conference Series: Materials Science and Engineering  
The performance, consistency, scalability, and efficiency of blockchain consensus mechanism need further improvement and optimization.  ...  Each of the most popular blockchain platform, Bitcoin, Ethereum, and Hyperledger Fabric, varies in aspects of decentralization, permission, anonymity, and native-currency, has its own consensus mechanism  ...  He was one of the main drafters of China National Standard GB/T 25656-2010, Information Technology Specification for Chinese Linux Programming Interface. Email, zhuxx@pku.org.cn.  ... 
doi:10.1088/1757-899x/569/4/042058 fatcat:giq5hbk2nzgrfcngjdhr3eg3ry

Distributed Hybrid Double-Spending Attack Prevention Mechanism for Proof-of-Work and Proof-of-Stake Blockchain Consensuses

Nur Arifin Akbar, Amgad Muneer, Narmine ElHakim, Suliman Mohamed Fati
2021 Future Internet  
Several consensus protocols have been introduced to validate blockchain transactions, Proof-of-Work (PoW) and Proof-of-Stake (PoS), which are crucial to cryptocurrencies, such as Bitcoin.  ...  Blockchain technology is a sustainable technology that offers a high level of security for many industrial applications.  ...  Researchers have proposed mixing proof mechanisms to eliminate 51% attacks.  ... 
doi:10.3390/fi13110285 fatcat:3wesjksgszaffdyr3jybivcwra

Lightweight Blockchain to Improve Security and Privacy in Smarthome

2020 International journal of recent technology and engineering  
This work provides lightweight BlockChain with two prominent consensus mechanism PoW – Proof of Work and PoS – Proof of Stake for smart IoT devices.  ...  Internet of Things (IoT) growing at a rate of exponential numbers in recent years has received extensive attention with BlockChain (BC) technology which provide trust to IoT with its immutable nature,  ...  PoS -Proof of stake Proof of Stake brought up as an alternate to PoW, where it consumes more computational resources and power.  ... 
doi:10.35940/ijrte.f9006.038620 fatcat:yi22tzeiinap5bsl7iswxv7ami

Enabling Blockchain Scalability and Interoperability with Mobile Computing through LayerOne.X [article]

Kevin Coutinho, Ponnie Clark, Ferdinand Azis, Norman Lip, Josh Hunt
2021 arXiv   pre-print
Layer-One.X, a truly decentralised ledger which utilises para-sharding, Directed Acyclic Graphs, Proof of Participation consensus mechanism, mobile computing, flash contracts and nucleus scripting is introduced  ...  Interoperability and scalability are currently the bottlenecks preventing mass adoption of blockchain technology.  ...  When > 0 (Inflation, Mint and Burn) Where the friction for > 0, PoS and PoW based consensus mechanism will create ways for accumulation problem.  ... 
arXiv:2110.01398v1 fatcat:yxpg5gwgjbgh7j4lgqqcmknnum

Cryptocurrency Egalitarianism: A Quantitative Approach [article]

Dimitris Karakostas and Aggelos Kiayias and Christos Nasikas and Dionysis Zindros
2019 arXiv   pre-print
Among these, proof-of-work is the most common mechanism for achieving consensus, whilst a number of coins have adopted "ASIC-resistance" as a desirable property, claiming to be more "egalitarian,"S where  ...  While proof-of-work consensus dominates the space, several new cryptocurrencies employ alternative consensus, such as proof-of-stake in which block minting opportunities are based on monetary ownership  ...  On the other hand, the most prominent alternative mechanism is proof-of-stake.  ... 
arXiv:1907.02434v1 fatcat:fhtehfoofnh6xgo4uhtitg74aa

A Systematic Approach to Cryptocurrency Fees [chapter]

Alexander Chepurnoy, Vasily Kharin, Dmitry Meshkov
2019 Lecture Notes in Computer Science  
Among these, proof-of-work is the most common mechanism for achieving consensus, whilst a number of coins have adopted "ASICresistance" as a desirable property, claiming to be more "egalitarian", where  ...  While proof-of-work consensus dominates the space, several new cryptocurrencies employ alternative consensus, such as proof-of-stake in which block minting opportunities are based on monetary ownership  ...  On the other hand, the most prominent alternative mechanism is proof-of-stake.  ... 
doi:10.1007/978-3-662-58820-8_2 fatcat:suyj5swgajfufdjsajckgd57b4

A Survey on Blockchain Technology Concepts, Applications, and Issues

H. T. M. Gamage, H. D. Weerasinghe, N. G. J. Dias
2020 SN Computer Science  
Blockchain concept provided an inherent part of this decentralization together with hash-based proof-of-work, public key cryptography, and peer-to-peer network.  ...  This paper captures concepts of blockchain, its applications, issues, and suggested improvements referring to blockchain-related subsequent publications.  ...  Compliance with Ethical Standards Conflict of Interest On behalf of all authors, the corresponding author states that there is no conflict of interest.  ... 
doi:10.1007/s42979-020-00123-0 fatcat:332x3ju6dbbvvii3en3glktjqe

Pros and cons of consensus algorithm proof of stake. Difference in the network safety in proof of work and proof of stake

Oleksandr Vashchuk, Roman Shuwar
2018 Electronics and Information Technologies  
The article describes the main aspects of the work of consensus algorithms Proof of Work and Proof of Stake.  ...  An alternative algorithm -Proof of Stake does not require so many resources to maintain network performance, but has a number of shortcomings.  ...  ) mining, the process of solving a computational challenge imposed by a proof of stake protocol is called (block) minting.  ... 
doi:10.30970/eli.9.106 fatcat:w4muzl3pzfcplcg2hyg6umrzk4

Cryptocurrency Egalitarianism: A Quantitative Approach

Dimitris Karakostas, Aggelos Kiayias, Christos Nasikas, Dionysis Zindros, Sara Tucci-Piergiovanni, Vincent Danos, Julien Prat, Maria Potop-Butucaru, Maurice Herlihy
2020 International Conference on Blockchain Economics, Security and Protocols  
Among these, proof-of-work is the most common mechanism for achieving consensus, whilst a number of coins have adopted "ASIC-resistance" as a desirable property, claiming to be more "egalitarian," where  ...  While proof-of-work consensus dominates the space, several new cryptocurrencies employ alternative consensus, such as proof-of-stake in which block minting opportunities are based on monetary ownership  ...  On the other hand, the most prominent alternative mechanism is proof-of-stake.  ... 
doi:10.4230/oasics.tokenomics.2019.7 dblp:conf/tokenomics/KarakostasKNZ19 fatcat:zedm3qzmmzcgnfnvju3dvdfyke

Cryptocurrencies Without Proof of Work [chapter]

Iddo Bentov, Ariel Gabizon, Alex Mizrahi
2016 Lecture Notes in Computer Science  
Such protocols commonly rely on Proof of Stake, i.e., on mechanisms that extend voting power to the stakeholders of the system.  ...  We then present our novel pure Proof of Stake protocols, and argue that they help in mitigating problems that the existing protocols suffer from.  ...  We thank Gregory Maxwell and Andrew Miller for insights regarding the costless simulation problem.  ... 
doi:10.1007/978-3-662-53357-4_10 fatcat:thlye2ezqvccnpulfpd2n6tkka

Enable Fair Proof-of-Work (PoW) Consensus for Blockchains in IoT by Miner Twins (MinT)

Qian Qu, Ronghua Xu, Yu Chen, Erik Blasch, Alexander Aved
2021 Future Internet  
to enable a fair PoW consensus mechanism for blockchains in IoT environments.  ...  Taking advantage of the Proof-of-Work (PoW) consensus protocol, which solves a computation intensive hashing puzzle, Blockchain ensures the security of the system by establishing a digital ledger.  ...  Inspired by the essential features of DTs, mirroring and monitoring, this paper proposes a novel edge-fog-cloud Miner Twins (MinT) architecture to enable a fair PoW consensus mechanism for blockchains  ... 
doi:10.3390/fi13110291 fatcat:6h56wns4cndbvftvgcwwcfygvq
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