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International Conference on Advances in Cyber Security

ACeS 2019: Advances in Cyber Security pp 60–73Cite as

Proof of Bid as Alternative to Proof of Work

Part of the Communications in Computer and Information Science book series (CCIS,volume 1132)

Abstract

Proof of Work (PoW) protocol for cryptocurrency uses an excessive amount of electricity to secure the network. Many PoW coins do not have sufficient hashing power to secure itself. There are many alternatives to PoW, such as Proof of Stake (PoS), merge-mining etcetera, which uses much less electricity. However, these alternatives have some drawbacks either in terms of security, complexity, and scalability. In this paper, an alternative to Proof of Work (PoW) called “Proof of BID” (PoB) protocol introduced. PoB makes use of existing bitcoin PoW to secure all transactions, thus consuming virtually no electricity. PoB also addresses most of the drawbacks faced by PoW alternatives. We have disclosed a systematic method on how to effectively re-used bitcoin PoW to secure a blockchain with the same level of bitcoin security. A few designs issue to improve the blockchain scalability is given. We have explored various attack scenarios and suggested some remedies.

Keywords

  • Blockchain
  • Proof of Work
  • Proof of Bid
  • Consensus

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Author information

Authors and Affiliations

  1. Faculty of Informatics and Computing, Multimedia University, 63000, Cyberjaya, Malaysia

    Wai Kok Chan

  2. Faculty of Engineering, Multimedia University, 63000, Cyberjaya, Malaysia

    Ji-Jian Chin & Vik Tor Goh

Authors
  1. Wai Kok Chan
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  2. Ji-Jian Chin
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  3. Vik Tor Goh
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Corresponding author

Correspondence to Wai Kok Chan .

Editor information

Editors and Affiliations

  1. Universiti Sains Malaysia, Penang, Malaysia

    Dr. Mohammed Anbar

  2. Universiti Sains Malaysia, Penang, Malaysia

    Prof. Nibras Abdullah

  3. Universiti Sains Malaysia, George Town, Malaysia

    Dr. Selvakumar Manickam

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Chan, W.K., Chin, JJ., Goh, V.T. (2020). Proof of Bid as Alternative to Proof of Work. In: Anbar, M., Abdullah, N., Manickam, S. (eds) Advances in Cyber Security. ACeS 2019. Communications in Computer and Information Science, vol 1132. Springer, Singapore. https://doi.org/10.1007/978-981-15-2693-0_5

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  • DOI: https://doi.org/10.1007/978-981-15-2693-0_5

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  • Print ISBN: 978-981-15-2692-3

  • Online ISBN: 978-981-15-2693-0

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