Replacing Cryptopuzzles with Useful Computation in Blockchain Proof-of-Work Protocols

arXiv:2404.15735v1 Announce Type: new
Abstract: Proof-of-Work (PoW) blockchains have emerged as a robust and effective consensus mechanism in open environments like the Internet, leading to widespread deployment with numerous cryptocurrency platforms and substantial investments. However, the current PoW implementation primarily focuses on validating the discovery of a winning nonce. Exploring the notion of replacing cryptographic puzzles with useful computing tasks becomes compelling, given the substantial computational capacity of blockchain networks and the global pursuit of a more sustainable IT infrastructure. …

arxiv blockchain blockchains computation cryptocurrency cs.cr cs.dc current deployment discovery environments implementation internet investments mechanism nonce platforms pow proof protocols winning work