Analysis of mining performance based on mathmatical approach of PoW

Jusik Yun; Yunyeong Goh; Jong Moon Chung

doi:10.23919/ELINFOCOM.2019.8706374

Analysis of mining performance based on mathmatical approach of PoW

Jusik Yun, Yunyeong Goh, Jong Moon Chung

Department of Electrical and Electronic Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

10 Citations (Scopus)

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 language	English
Title of host publication	ICEIC 2019 - International Conference on Electronics, Information, and Communication
Publisher	Institute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)	9788995004449
DOIs	https://doi.org/10.23919/ELINFOCOM.2019.8706374
Publication status	Published - 2019 May 3
Event	18th International Conference on Electronics, Information, and Communication, ICEIC 2019 - Auckland, New Zealand Duration: 2019 Jan 22 → 2019 Jan 25

Publication series

Name	ICEIC 2019 - International Conference on Electronics, Information, and Communication

Conference

Conference	18th International Conference on Electronics, Information, and Communication, ICEIC 2019
Country/Territory	New Zealand
City	Auckland
Period	19/1/22 → 19/1/25

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).

Publisher Copyright:
© 2019 Institute of Electronics and Information Engineers (IEIE).

All Science Journal Classification (ASJC) codes

Control and Systems Engineering
Electrical and Electronic Engineering

Access to Document

10.23919/ELINFOCOM.2019.8706374

Cite this

Yun, J., Goh, Y., & Chung, J. M. (2019). Analysis of mining performance based on mathmatical approach of PoW. In ICEIC 2019 - International Conference on Electronics, Information, and Communication [8706374] (ICEIC 2019 - International Conference on Electronics, Information, and Communication). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.23919/ELINFOCOM.2019.8706374

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title = "Analysis of mining performance based on mathmatical approach of PoW",

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.",

author = "Jusik Yun and Yunyeong Goh and Chung, {Jong Moon}",

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). Publisher Copyright: {\textcopyright} 2019 Institute of Electronics and Information Engineers (IEIE).; 18th International Conference on Electronics, Information, and Communication, ICEIC 2019 ; Conference date: 22-01-2019 Through 25-01-2019",

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Yun, J, Goh, Y & Chung, JM 2019, Analysis of mining performance based on mathmatical approach of PoW. in ICEIC 2019 - International Conference on Electronics, Information, and Communication., 8706374, ICEIC 2019 - International Conference on Electronics, Information, and Communication, Institute of Electrical and Electronics Engineers Inc., 18th International Conference on Electronics, Information, and Communication, ICEIC 2019, Auckland, New Zealand, 19/1/22. https://doi.org/10.23919/ELINFOCOM.2019.8706374

Analysis of mining performance based on mathmatical approach of PoW. / Yun, Jusik; Goh, Yunyeong; Chung, Jong Moon.

ICEIC 2019 - International Conference on Electronics, Information, and Communication. Institute of Electrical and Electronics Engineers Inc., 2019. 8706374 (ICEIC 2019 - International Conference on Electronics, Information, and Communication).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

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N1 - 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). Publisher Copyright: © 2019 Institute of Electronics and Information Engineers (IEIE).

PY - 2019/5/3

Y1 - 2019/5/3

N2 - 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.

AB - 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.

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M3 - Conference contribution

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Yun J, Goh Y, Chung JM. Analysis of mining performance based on mathmatical approach of PoW. In ICEIC 2019 - International Conference on Electronics, Information, and Communication. Institute of Electrical and Electronics Engineers Inc. 2019. 8706374. (ICEIC 2019 - International Conference on Electronics, Information, and Communication). doi: 10.23919/ELINFOCOM.2019.8706374

Analysis of mining performance based on mathmatical approach of PoW

Abstract

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Bibliographical note

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