Abstract
There are many different protocols that regulate the way in which each node on a blockchain network is able to reach consensus that a newly created block is valid. One of the protocols, Proof-of-Work (PoW) gained popularity when it was implemented in a blockchain-based cryptocurrency known as Bitcoin. However, there are inherent deficiencies in its current implementation. This paper discusses these deficiencies, as well as the parameters that directly and indirectly affect its efficacy and performance so that possible enhancements to the protocol can be investigated.
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Acknowledgement
Financial support from the Ministry of Higher Education, Malaysia, under the Fundamental Research Grant Scheme with grant number FRGS/1/2018/ICT02 10 Zi Hau Chin, Timothy Tzen Vun Yap, Ian K. T. Tan /MMU/03/6, as well as the Multimedia University Mini Fund with Project ID MMUI/180239, are gratefully acknowledged.
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Chin, Z.H., Yap, T.T.V., Tan, I.K.T. (2020). On the trade-offs of Proof-of-Work algorithms in blockchains. In: Alfred, R., Lim, Y., Haviluddin, H., On, C. (eds) Computational Science and Technology. Lecture Notes in Electrical Engineering, vol 603. Springer, Singapore. https://doi.org/10.1007/978-981-15-0058-9_55
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DOI: https://doi.org/10.1007/978-981-15-0058-9_55
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