Paper 2017/1242 Original: eprint.iacr.org/2017/1242 ↗
Designing Proof of Transaction Puzzles for Cryptocurrency
Abstract
One of the Bitcoin's innovations is the Proof of Work puzzle (aka scratch-off puzzle) as a consensus protocol for anonymous networks without pre-established PKI. Bitcoins based on the Proof of Work puzzle have been harshly blamed today for problems such as energy wasted and not easily scalable. In this paper, we construct a novel Proof of Transaction(PoT) puzzle, and prove that PoT puzzle satisfies the basic construction conditions of scratch-off puzzle. We also show construction of PoTcoin as application. PoTcoin has many advantage but not limited as strengthening the network topology, promoting currency circulation, anti-outsourcing computing and environment-friendly.
Metadata
- Available format(s)
PDF- Publication info
- Preprint.
- History
- 2018-09-14: last updated
- 2017-12-23: published
- Short URL
- https://ia.cr/2017/1242
- License
- https://creativecommons.org/licenses/by/4.0/
BibTeX
@misc{cryptoeprint:2017/1242,
author = {Taotao Li and Parhat Abla and Mingsheng Wang and Qianwen Wei},
title = {Designing Proof of Transaction Puzzles for Cryptocurrency},
howpublished = {Cryptology {ePrint} Archive, Paper 2017/1242},
year = {2017},
url = {https://eprint.iacr.org/2017/1242}
}