Analysis of mining performance based on mathmatical approach of PoW

Jusik Yun, Yunyeong Goh, Jong Moon Chung

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

Abstract

Blockchain technology has been developed for cryptocurrency systems. Bitcoin, the most famous cryptocurrency type, guarantees a safe consensus using the Proof of Work (PoW) process. The PoW scheme is currently operating as a basic consensus algorithm for blockchain systems that are used widely in various industries. However, the PoW algorithm lacks in support of mathematical analysis, which hinders discoveries of potential weaknesses and flaws in the blockchain system. Therefore, in this paper, the correlation between the key parameters (i.e., TPS, difficulty, miners) in a blockchain system are analyzed based on mathematical analysis.

Original languageEnglish
Title of host publicationICEIC 2019 - International Conference on Electronics, Information, and Communication
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9788995004449
DOIs
Publication statusPublished - 2019 May 3
Event18th International Conference on Electronics, Information, and Communication, ICEIC 2019 - Auckland, New Zealand
Duration: 2019 Jan 222019 Jan 25

Publication series

NameICEIC 2019 - International Conference on Electronics, Information, and Communication

Conference

Conference18th International Conference on Electronics, Information, and Communication, ICEIC 2019
CountryNew Zealand
CityAuckland
Period19/1/2219/1/25

Bibliographical note

Funding Information:
ACKNOWLEDGMENT This research was supported by a grant [MOIS-DP-2015-10] through the Disaster and Safety Management Institute funded by the Ministry of the Interior and Safety of the Republic of Korea (ROK) government, and the MSIT (Ministry of Science and ICT) of the ROK under the ITRC (Information Technology Research Center) support program (IITP-2018-2018-0-01799) supervised by the IITP (Institute for Information & communications Technology Promotion).

All Science Journal Classification (ASJC) codes

  • Control and Systems Engineering
  • Electrical and Electronic Engineering

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