Abstract
Bitcoin is the first cryptocurrency to participate in a network and receive compensation for online remittance and mining without any intervention from a third party, such as financial institutions. Bitcoin mining is done through proof of work (PoW). Given its characteristics, the higher hash rate results in a higher probability of mining, leading to the emergence of a mining pool, called a mining organization. Unlike central processing units or graphics processing units, high-cost application-specific integrated circuit miners have emerged with performance efficiency. The problem is that the obtained hash rate exposes Bitcoin’s mining monopoly and causes the risk of a double-payment attack. To solve this problem, we propose the error-correction code PoW (ECCPoW), combining the low-density parity-check decoder and hash function. The ECCPoW contributes to the phenomenon of symmetry in the proof of work (PoW) blockchain. This paper proposes the implementation of ECCPoW, replacing the PoW in Bitcoin. Finally, we compare the mining centralization, security, and scalability of ECCPoW and Bitcoin.
Highlights
We use digital signatures from third-party trust agencies to promote trust in Internet commerce.We warrant proof of data forgery using middlemen
We proposed the concept of error-correction code PoW (ECCPoW) to increase the resistance to ASIC, using a hash function that makes
This paper addressed the problem of centralization of mining due to the emergence of ASICs
Summary
We use digital signatures from third-party trust agencies to promote trust in Internet commerce. The blockchain stores the same ledger on a global network and is designed to pay certain rewards to maintain the block This is called mining, and mining creates blocks and obtains cryptocurrency by executing a hash function. The hash rate is the number of hash values calculated per second as a measure of computational processing power for mining cryptocurrency. A double-payment attack occurs when the mining pool seizes at least 51% of the total hash rate to determine the branch of the blockchain to the desired side. Miners purchase application-specific integrated circuits (ASICs) with high per-second computing power to mine Bitcoin and join the mining pool. As a new mining function to prevent the development of ASIC miners, we proposed the error-correction code proof of work (ECCPoW) concept, which combines the low-density parity-check (LDPC) decoder and hash function [9].
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