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A New Proof of Work for Blockchain Based on Random Multivariate Quadratic Equations

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Abstract

In this paper, we first present a theoretical analysis model on the Proof-of-Work (PoW) for cryptocurrency blockchain. Based on this analysis, we present a new type of PoW, which relies on the hardness of solving a set of random quadratic equations over the finite field GF(2). We will present the advantages of such a PoW, in particular, in terms of its impact on decentralization and the incentives involved, and therefore demonstrate that this is a new good alternative as a new type for PoW in blockchain applications.

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Acknowledgment

We would like to thank Johannes Buchmann, Albrecht Petzolt, Lei Hu, Hong Xiang, Peter Ryan, Tsuyoshi Takagi, Antoine Joux, Ruben Niederhagen, Chengdong Tao, Chen-mou Cheng, Zheng Zhang, and Kurt Schmidt for useful discussions. We would like to thank the anonymous referees for useful comments. We also would like to thank the ABCMint Foundation, in particular, Jin Liu for support.

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Authors and Affiliations

  1. University of Cincinnati, Cincinnati, USA

    Jintai Ding

Authors
  1. Jintai Ding
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Correspondence to Jintai Ding .

Editor information

Editors and Affiliations

  1. Singapore University of Technology and Design, Singapore, Singapore

    Jianying Zhou

  2. Singapore Management University, Singapore, Singapore

    Robert Deng

  3. University of California, Irvine, USA

    Zhou Li

  4. Massry Center for Business, University at Albany-SUNY, Albany, NY, USA

    Suryadipta Majumdar

  5. Technical University of Denmark, Kongens Lyngby, Denmark

    Weizhi Meng

  6. Concordia University, Montreal, QC, Canada

    Lingyu Wang

  7. Chinese University of Hong Kong, Shatin, Hong Kong

    Kehuan Zhang

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Ding, J. (2019). A New Proof of Work for Blockchain Based on Random Multivariate Quadratic Equations. In: Zhou, J., et al. Applied Cryptography and Network Security Workshops. ACNS 2019. Lecture Notes in Computer Science(), vol 11605. Springer, Cham. https://doi.org/10.1007/978-3-030-29729-9_5

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  • DOI: https://doi.org/10.1007/978-3-030-29729-9_5

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-29728-2

  • Online ISBN: 978-3-030-29729-9

  • eBook Packages: Computer ScienceComputer Science (R0)

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