Proof of Bid as Alternative to Proof of Work


Chan, Wai Kok and Chin, Ji Jian and Goh, Vik Tor (2020) Proof of Bid as Alternative to Proof of Work. In: Advances in Cyber Security. Communications in Computer and Information Science, 1132 . Springer, pp. 60-73. ISBN 9789811526923

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Proof of Work (PoW) protocol for cryptocurrency uses an excessive amount of electricity to secure the network. Many PoW coins do not have sufficient hashing power to secure itself. There are many alternatives to PoW, such as Proof of Stake (PoS), merge-mining etcetera, which uses much less electricity. However, these alternatives have some drawbacks either in terms of security, complexity, and scalability. In this paper, an alternative to Proof of Work (PoW) called “Proof of BID” (PoB) protocol introduced. PoB makes use of existing bitcoin PoW to secure all transactions, thus consuming virtually no electricity. PoB also addresses most of the drawbacks faced by PoW alternatives. We have disclosed a systematic method on how to effectively re-used bitcoin PoW to secure a blockchain with the same level of bitcoin security. A few designs issue to improve the blockchain scalability is given. We have explored various attack scenarios and suggested some remedies.

Item Type: Book Section
Uncontrolled Keywords: Blockchain, Proof of Work, Proof of Bid, Consensus
Subjects: Q Science > QA Mathematics > QA71-90 Instruments and machines > QA75.5-76.95 Electronic computers. Computer science
Divisions: Faculty of Computing and Informatics (FCI)
Faculty of Engineering (FOE)
Depositing User: Ms Suzilawati Abu Samah
Date Deposited: 29 Dec 2020 05:31
Last Modified: 29 Dec 2020 05:31


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