An Effective Randomization Framework to POW Consensus Algorithm of Blockchain (RPoW)

Abstract

Blockchain technology has become a buzzword due to its intuitive applications and its decentralized network architecture. Blockchain is a decentralized system that uses peer -to - peer networking and appropriate consensus algorithm for secure and reliable transactions and records them all in an immutable ledger as chain of blocks. The world got introduced to the blockchain technology, when Satoshi Nakamoto released Bitcoin in 2009[2]. Though this technology is famous for being the backbone of cryptocurrencies, it has got into various industry domains and many applications have been developed using blockchain [11]. The consensus algorithm used in Blockchain architecture influences how agreement is made to add a new block among all the nodes in the network. PoW (Proof of work) is the consensus algorithm applied in the Bitcoin network architecture and many other blockchain applications. PoW requires each node to solve a cryptographic puzzle with adjusted difficulty, to get the privilege to add a new block to the current chain. The first node that solves the puzzle will have this privilege and some reward. Proof-of-Work (PoW) uses extensive amounts of electric power and steep computing hardware as an effect of their consensus procedure [1]. This proposed work presents an effective randomization framework that reduces the execution time required to calculate the hash value. The number of instruction-set required to compute the PoW consensus is also reduced. This approach helps in maintaining a fair decentralized network to construct blockchain applications.