Designing Proof of Transaction Puzzles for Cryptocurrency [article]

Taotao Li, Parhat Abla, Mingsheng Wang, Qianwen Wei
2017 IACR Cryptology ePrint Archive  
One of the Bitcoin's innovations is the Proof of Work puzzle (aka scratch-off puzzle) as a consensus protocol for anonymous networks without pre-established PKI. Bitcoins based on the Proof of Work puzzle have been harshly blamed today for problems such as energy wasted and not easily scalable. In this paper, we construct a novel Proof of Transaction(PoT) puzzle, and prove that PoT puzzle satisfies the basic construction conditions of scratch-off puzzle. We also show construction of PoTcoin as
more » ... pplication. PoTcoin has many advantage but not limited as strengthening the network topology, promoting currency circulation, anti-outsourcing computing and environment-friendly.
dblp:journals/iacr/LiAWW17 fatcat:wtba5wyamre2xj27chomx74jze