Green-PoW: An Energy-Efficient Blockchain Proof-of-Work Consensus Algorithm

Simple item page
dc.contributor.authorLasla, Noureddine
dc.contributor.authorAlsahan, Lina
dc.contributor.authorAbdallah, Mohamed
dc.contributor.authorYounis, Mohamed
dc.date.accessioned2021-01-25T17:46:08Z
dc.date.available2021-01-25T17:46:08Z
dc.description.abstractThis paper opts to mitigate the energy-inefficiency of the Blockchain Proof-of-Work (PoW) consensus algorithm by rationally repurposing the power spent during the mining process. The original PoW mining scheme is designed to consider one block at a time and assign a reward to the first place winner of a computation race. To reduce the mining-related energy consumption, we propose to compensate the computation effort of the runner(s)-up of a mining round, by granting them exclusivity of solving the upcoming block in the next round. This will considerably reduce the number of competing nodes in the next round and consequently, the consumed energy. Our proposed scheme divides time into epochs, where each comprises two mining rounds; in the first one, all network nodes can participate in the mining process, whereas in the second round only runners-up can take part. Thus, the overall mining energy consumption can be reduced to nearly 50%. To the best of our knowledge, our proposed scheme is the first to considerably improve the energy consumption of the original PoW algorithm. Our analysis demonstrates the effectiveness of our scheme in reducing energy consumption, the probability of fork occurrences, the level of mining centralization presented in the original PoW algorithm, and the effect of transaction censorship attack.en_US
dc.description.urihttps://arxiv.org/abs/2007.04086en_US
dc.format.extent11 pagesen_US
dc.genrejournal articles preprintsen_US
dc.identifierdoi:10.13016/m213jl-hybn
dc.identifier.citationNoureddine Lasla, Lina Alsahan, Mohamed Abdallah, Mohamed Younis, Green-PoW: An Energy-Efficient Blockchain Proof-of-Work Consensus Algorithm, https://arxiv.org/abs/2007.04086en_US
dc.identifier.urihttp://hdl.handle.net/11603/20600
dc.language.isoen_USen_US
dc.relation.isAvailableAtThe University of Maryland, Baltimore County (UMBC)
dc.relation.ispartofUMBC Computer Science and Electrical Engineering Department Collection
dc.relation.ispartofUMBC Faculty Collection
dc.rightsThis item is likely protected under Title 17 of the U.S. Copyright Law. Unless on a Creative Commons license, for uses protected by Copyright Law, contact the copyright holder or the author.
dc.subjectblockchainen_US
dc.subjectconsensus algorithmen_US
dc.subjectproof-of-worken_US
dc.subjectenergy-efficiencyen_US
dc.titleGreen-PoW: An Energy-Efficient Blockchain Proof-of-Work Consensus Algorithmen_US
dc.typeTexten_US

Files

License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
2.56 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

UMBC Computer Science and Electrical Engineering Department
UMBC Faculty Collection