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Time-Variant Proof-of-Work Using Error-Correction Codes

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Document pages: 13 pages

Abstract: The protocol for cryptocurrencies can be divided into three parts, namelyconsensus, wallet, and networking overlay. The aim of the consensus part is tobring trustless rational peer-to-peer nodes to an agreement to the currentstatus of the blockchain. The status must be updated through validtransactions. A proof-of-work (PoW) based consensus mechanism has been provento be secure and robust owing to its simple rule and has served as a firmfoundation for cryptocurrencies such as Bitcoin and Ethereum. Specializedmining devices have emerged, as rational miners aim to maximize profit, andcaused two problems: i) the re-centralization of a mining market and ii) thehuge energy spending in mining. In this paper, we aim to propose a new PoWcalled Error-Correction Codes PoW (ECCPoW) where the error-correction codes andtheir decoder can be utilized for PoW. In ECCPoW, puzzles can be intentionallygenerated to vary from block to block, leading to a time-variant puzzlegeneration mechanism. This mechanism is useful in repressing the emergence ofthe specialized mining devices. It can serve as a solution to the two problemsof recentralization and energy spending.

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