On the trade-offs of Proof-of-Work algorithms in blockchains

Zi Hau Chin, Timothy Tzen Vun Yap, Ian K. T. Tan

Research output: Chapter in Book/Report/Conference proceedingConference contribution

5 Citations (SciVal)

Abstract

There are many different protocols that regulate the way in which each node on a blockchain network is able to reach consensus that a newly created block is valid. One of the protocols, Proof-of-Work (PoW) gained popularity when it was implemented in a blockchain-based cryptocurrency known as Bitcoin. However, there are inherent deficiencies in its current implementation. This paper discusses these deficiencies, as well as the parameters that directly and indirectly affect its efficacy and performance so that possible enhancements to the protocol can be investigated.

Original languageEnglish
Title of host publicationComputational Science and Technology
EditorsRayner Alfred, Yuto Lim, Haviluddin Haviluddin, Chin Kim On
PublisherSpringer
Pages575-584
Number of pages10
ISBN (Electronic)9789811500589
ISBN (Print)9789811500572
DOIs
Publication statusPublished - 2020
Event6th International Conference on Computational Science and Technology 2019 - Kota Kinabalu, Malaysia
Duration: 29 Aug 201930 Aug 2019

Publication series

NameLecture Notes in Electrical Engineering
Volume603
ISSN (Print)1876-1100
ISSN (Electronic)1876-1119

Conference

Conference6th International Conference on Computational Science and Technology 2019
Abbreviated titleICCST 2019
Country/TerritoryMalaysia
CityKota Kinabalu
Period29/08/1930/08/19

Keywords

  • Bitcoin
  • Blockchain
  • Difficult
  • Proof-of-Work

ASJC Scopus subject areas

  • Industrial and Manufacturing Engineering

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