A New Proof of Work for Blockchain Based on Random Multivariate Quadratic Equations
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.
KeywordsProof-of-Work Multivariate Quadratic NP-hard Decentralization Blockchain Cryptocurrency
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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