TY - GEN

T1 - On the application of clique problem for proof-of-work in cryptocurrencies

AU - Bag, Samiran

AU - Ruj, Sushmita

AU - Sakurai, Kouichi

N1 - Funding Information:
The authors were partially supported by JSPS and DST under the Japan-India Science Cooperative Program of research project named: ?Computational Aspects of Mathematical Design and Analysis of Secure Communication Systems Based on Cryptographic Primitives.? The third author is partially supported by JSPS Grants-in-Aid for Scientific Research named ?KAKEN-15H02711?
Publisher Copyright:
© Springer International Publishing Switzerland 2016.

PY - 2016

Y1 - 2016

N2 - In this work we propose a scheme that could be used as an alternative to the existing proof of work(PoW) scheme for mining in Bitcoin P2P network. Our scheme ensures that the miner must do at least a non-trivial amount of computation for solving the computational problem put forth in the paper and thus solving a PoW puzzle. Here, we have proposed to use the problem of finding the largest clique in a big graph as a replacement for the existing Bitcoin PoW scheme. In this paper, we have dealt with a graph having O(230) vertices and O(248) edges which is constructed deterministically using the set of transactions executed within a certain time slot. We have discussed some algorithms that can be used by any Bitcoin miner to solve the PoW puzzle. Then we discuss an algorithm that could perform this task by doing O(280) hash calculations. We have also proposed an improvement to this algorithm by which the PoW puzzle can be solved by calculating O(270.5) hashes and using O(248) space. This scheme is better than the existing proof of work schemes that use Hashcash, where a lucky miner could manage to find a solution to the proof of work puzzle by doing smaller amount of computation though it happens with very low probability. Bitcoin incentivizes the computing power of miners and hence, it is desirable that miners with more computing power always wins. Also, the Bitcoin PoW scheme only incentivizes computing power of miners but our PoW scheme incentivizes both computing power and memory of a miner. In our proposed scheme only the miner cannot randomly find a largest clique without knowing the clique number of the graph.

AB - In this work we propose a scheme that could be used as an alternative to the existing proof of work(PoW) scheme for mining in Bitcoin P2P network. Our scheme ensures that the miner must do at least a non-trivial amount of computation for solving the computational problem put forth in the paper and thus solving a PoW puzzle. Here, we have proposed to use the problem of finding the largest clique in a big graph as a replacement for the existing Bitcoin PoW scheme. In this paper, we have dealt with a graph having O(230) vertices and O(248) edges which is constructed deterministically using the set of transactions executed within a certain time slot. We have discussed some algorithms that can be used by any Bitcoin miner to solve the PoW puzzle. Then we discuss an algorithm that could perform this task by doing O(280) hash calculations. We have also proposed an improvement to this algorithm by which the PoW puzzle can be solved by calculating O(270.5) hashes and using O(248) space. This scheme is better than the existing proof of work schemes that use Hashcash, where a lucky miner could manage to find a solution to the proof of work puzzle by doing smaller amount of computation though it happens with very low probability. Bitcoin incentivizes the computing power of miners and hence, it is desirable that miners with more computing power always wins. Also, the Bitcoin PoW scheme only incentivizes computing power of miners but our PoW scheme incentivizes both computing power and memory of a miner. In our proposed scheme only the miner cannot randomly find a largest clique without knowing the clique number of the graph.

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U2 - 10.1007/978-3-319-38898-4_16

DO - 10.1007/978-3-319-38898-4_16

M3 - Conference contribution

AN - SCOPUS:84969285681

SN - 9783319388977

T3 - Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)

SP - 260

EP - 279

BT - Information Security and Cryptology - 11th International Conference, Inscrypt 2015, Revised Selected Papers

A2 - Lin, Dongdai

A2 - Wang, Xiao Feng

A2 - Yung, Moti

PB - Springer Verlag

T2 - 11th International Conference on Information Security and Cryptology, Inscrypt 2015

Y2 - 1 November 2015 through 3 November 2015

ER -