MWPoW - Multi-winner proof of work consensus protocol: An immediate block-confirm solution and an incentive for common devices to join blockchain
Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review
In this article, we present designs for a Multi Winner Proof of Work (MWPoW) consensus primitive. MWPoW is a consensus protocol that places the group mining idea directly into a protocol to prevent power centralization, higher general reward expectation among participants and shorten the interval time of block generation. It makes every miner a component of one of three groups assigned by the network, not as an individual competitor; all users in the winner group receive compensation. The hash difficulty is higher than ordinary blockchain because there are only three parties in the system. MWPoW powered block-chain is more secure from tampering. The blocks can be quickly final accepted without later block confirms, which makes it possible for block interval time to be minuteness. The experiment suggests the hash rate of MWPoW is around 1500 times larger than Nakamoto blockchain while it only requires about 1 second to finally accept a block in the lab environment (with 3-second block interval). MWPoW is universal profitable (the mining remuneration is much more distributed than Nakamoto block-chain).
Original language | English |
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Title of host publication | Proceedings - 16th IEEE International Symposium on Parallel and Distributed Processing with Applications |
Editors | Jinjun Chen, Laurence T. Yang |
Number of pages | 8 |
Publisher | Institute of Electrical and Electronics Engineers Inc. |
Publication date | 20 Mar 2019 |
Pages | 964-971 |
Article number | 8672344 |
ISBN (Electronic) | 9781728111414 |
DOIs | |
Publication status | Published - 20 Mar 2019 |
Externally published | Yes |
Event | 16th IEEE International Symposium on Parallel and Distributed Processing with Applications, 17th IEEE International Conference on Ubiquitous Computing and Communications, 8th IEEE International Conference on Big Data and Cloud Computing, 11th IEEE International Conference on Social Computing and Networking and 8th IEEE International Conference on Sustainable Computing and Communications, ISPA/IUCC/BDCloud/SocialCom/SustainCom 2018 - Melbourne, Australia Duration: 11 Dec 2018 → 13 Dec 2018 |
Conference
Conference | 16th IEEE International Symposium on Parallel and Distributed Processing with Applications, 17th IEEE International Conference on Ubiquitous Computing and Communications, 8th IEEE International Conference on Big Data and Cloud Computing, 11th IEEE International Conference on Social Computing and Networking and 8th IEEE International Conference on Sustainable Computing and Communications, ISPA/IUCC/BDCloud/SocialCom/SustainCom 2018 |
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Land | Australia |
By | Melbourne |
Periode | 11/12/2018 → 13/12/2018 |
Bibliographical note
Publisher Copyright:
© 2018 IEEE.
- Blockchain, Distributed consensus, MWPoW, Proof of Work
Research areas
ID: 300914551