Abstract
The proof-of-work (PoW) algorithm has been initially used in Bitcoin and is now one of the mainstream consensus algorithms to create immutable ledgers of transactions. However, it is still not very well understood, and as such, its entire strength remains undervalued. While some researchers classify it as a Nakamoto consensus algorithm, some other researchers do not even consider it as a consensus algorithm. In this article, the objective is to shed light on classifying PoW. To this end, we make a theoretical analysis from a coordination perspective, and then we conclude that PoW is a stigmergic consensus algorithm where the trace left by an action in the blockchain through indirect coordination of agents stimulates a subsequent action and eventually creates a single chain of blocks. In other words, PoW is a form of stigmergic coordination toward emergent behavior of a blockchain system. Based on this identification, we further analyze the fundamental properties of PoW. Finally, we reengineer PoW by improving its missing stigmergic mechanisms, and we provide a discussion.
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