Collaborative Proof-of-Work: A Secure Dynamic Approach to Fair and Efficient Blockchain Mining
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arXiv
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| Autores principales: | , , , , , |
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| Formato: | Preprint |
| Publicado: |
2024
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| _version_ | 1866916704592855040 |
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| author | Haque, Rizwanul Aziz, SM Tareq Hossain, Tahrim Bappy, Faisal Haque Yanhaona, Muhammad Nur Islam, Tariqul |
| author_facet | Haque, Rizwanul Aziz, SM Tareq Hossain, Tahrim Bappy, Faisal Haque Yanhaona, Muhammad Nur Islam, Tariqul |
| contents | Proof-of-Work (PoW) systems face critical challenges, including excessive energy consumption and the centralization of mining power among entities with expensive hardware. Static mining pools exacerbate these issues by reducing competition and undermining the decentralized nature of blockchain networks, leading to economic inequality and inefficiencies in resource allocation. Their reliance on centralized pool managers further introduces vulnerabilities by creating a system that fails to ensure secure and fair reward distribution. This paper introduces a novel Collaborative Proof-of-Work (CPoW) mining approach designed to enhance efficiency and fairness in the Ethereum network. We propose a dynamic mining pool formation protocol that enables miners to collaborate based on their computational capabilities, ensuring fair and secure reward distribution by incorporating mechanisms to accurately verify and allocate rewards. By addressing the centralization and energy inefficiencies of traditional mining, this research contributes to a more sustainable blockchain ecosystem. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2412_00690 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Collaborative Proof-of-Work: A Secure Dynamic Approach to Fair and Efficient Blockchain Mining Haque, Rizwanul Aziz, SM Tareq Hossain, Tahrim Bappy, Faisal Haque Yanhaona, Muhammad Nur Islam, Tariqul Cryptography and Security Distributed, Parallel, and Cluster Computing Emerging Technologies Proof-of-Work (PoW) systems face critical challenges, including excessive energy consumption and the centralization of mining power among entities with expensive hardware. Static mining pools exacerbate these issues by reducing competition and undermining the decentralized nature of blockchain networks, leading to economic inequality and inefficiencies in resource allocation. Their reliance on centralized pool managers further introduces vulnerabilities by creating a system that fails to ensure secure and fair reward distribution. This paper introduces a novel Collaborative Proof-of-Work (CPoW) mining approach designed to enhance efficiency and fairness in the Ethereum network. We propose a dynamic mining pool formation protocol that enables miners to collaborate based on their computational capabilities, ensuring fair and secure reward distribution by incorporating mechanisms to accurately verify and allocate rewards. By addressing the centralization and energy inefficiencies of traditional mining, this research contributes to a more sustainable blockchain ecosystem. |
| title | Collaborative Proof-of-Work: A Secure Dynamic Approach to Fair and Efficient Blockchain Mining |
| topic | Cryptography and Security Distributed, Parallel, and Cluster Computing Emerging Technologies |
| url | https://arxiv.org/abs/2412.00690 |