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Proof-of-Chance: A Blockchain Consensus Mechanism
, Ph.D. Dissertation Sharif University of Technology ; Movaghar Rahimabadi, Ali (Supervisor) ; Hemmatyar, Ali Mohammad Afshin (Co-Supervisor)
Abstract
To update Blockchains, a consensus protocol must be used to verify the integrity of registered transactions by users. Bitcoin, as the largest Blockchain network, uses a Proof-of-work mechanism to reach consensus and rewards users for doing so. This will lead to the use of costly hardware to execute heavy processing commands with a lot of energy loss. Different groups have since proposed different mechanisms for reaching consensus without costly processing. The idea we present here is that we first define a general chance variable for each miner, and the miner has to wait a certain amount of time accordingly and then be able to generate the block. Chance variables are public, so other members...