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Practical Low Latency Proof of Work Consensus. (arXiv:1909.11261v3 [cs.DC] UPDATED)
cs.CR updates on arXiv.org arxiv.org
Bitcoin is the first fully-decentralized permissionless blockchain protocol
to achieve a high level of security, but at the expense of poor throughput and
latency. Scaling the performance of Bitcoin has a been a major recent direction
of research. One successful direction of work has involved replacing proof of
work (PoW) by proof of stake (PoS). Proposals to scale the performance in the
PoW setting itself have focused mostly on parallelizing the mining process,
scaling throughput; the few proposals to improve …
bitcoin blockchain decentralized high latency low major performance poor pos pow proof of work proposals protocol research scale scaling security work