Retricoin: Bitcoin based on compact proofs of retrievability

Binanda Sengupta, Samiran Bag, Kouichi Sakurai, Sushmita Ruj

Research output: Chapter in Book/Report/Conference proceedingConference contribution

11 Citations (Scopus)

Abstract

Bitcoin [24] is a fully decentralized electronic cash system. The generation of the proof-of-work in Bitcoin requires large amount of computing resources. However, this huge amount of energy is wasted as one cannot make something useful out of it. In this paper, we propose a scheme called Retricoin which replaces the heavy computational proof-of-work of Bitcoin by proofs of retrievability that have practical benefits. To guarantee the availability of an important but large file, we distribute the segments of the file among the users in the Bitcoin network. Every user who wants to mine Bitcoins must store a considerable portion of this file and prove her storage to other peers in the network using proofs of retrievability. The file can be constructed at any point of time from the users storing their respective segments untampered. Retricoin is more efficient than the existing Permacoin scheme [23] in terms of storage overhead and network bandwidth required to broadcast the proof to the Bitcoin network. The verification time in our scheme is comparable to that of Permacoin and reasonable for all practical purposes. We also design an algorithm to let the miners in a group (or pool) mine collectively.

Original languageEnglish
Title of host publicationProceedings of the 17th International Conference on Distributed Computing and Networking, ICDCN 2016
PublisherAssociation for Computing Machinery
ISBN (Electronic)9781450340328
DOIs
Publication statusPublished - Jan 4 2016
Event17th International Conference on Distributed Computing and Networking, ICDCN 2016 - Singapore, Singapore
Duration: Jan 4 2016Jan 7 2016

Publication series

NameACM International Conference Proceeding Series
Volume04-07-January-2016

Other

Other17th International Conference on Distributed Computing and Networking, ICDCN 2016
CountrySingapore
CitySingapore
Period1/4/161/7/16

All Science Journal Classification (ASJC) codes

  • Software
  • Human-Computer Interaction
  • Computer Vision and Pattern Recognition
  • Computer Networks and Communications

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  • Cite this

    Sengupta, B., Bag, S., Sakurai, K., & Ruj, S. (2016). Retricoin: Bitcoin based on compact proofs of retrievability. In Proceedings of the 17th International Conference on Distributed Computing and Networking, ICDCN 2016 [a14] (ACM International Conference Proceeding Series; Vol. 04-07-January-2016). Association for Computing Machinery. https://doi.org/10.1145/2833312.2833317