An Efficient Proof-of-Work Mechanism for Computational Feasibility in Blockchain

Abstract

Recently, Blockchain technology created a buzz in technological world and gained importance as a solution that offers the realization of multiple authoritative domains, where economic transactions are guaranteed. It is very important for such technology to validate the transactions performed by different users flawlessly. To maintain such a trust, Blockchain uses different consensus protocols, where different miners follow them to validate transactions and mine a new block. One such consensus protocol is proof-of-work, where a miner has to solve a puzzle with his computational capabilities. The existing proof-of work mechanisms discriminates a normal user to participate in the mining procedure, as he needs to maintain a specialized hardware which is expensive. In this paper, we propose a new algorithm on basis of crypto-puzzle Integer Prime Factorization, for proof-of-work consensus, which makes a user with minimal hardware capabilities to participate in the mining procedure