TY - GEN
T1 - RTPoW
T2 - 27th IEEE International Conference on Parallel and Distributed Systems, ICPADS 2021
AU - Feng, Weijia
AU - Cao, Zhenfu
AU - Shen, Jiachen
AU - Dong, Xiaolei
N1 - Publisher Copyright:
© 2021 IEEE.
PY - 2021
Y1 - 2021
N2 - Bitcoin, the first decentralized cryptocurrency system, uses a simple but effective difficulty adjustment algorithm to stabilize its average time of the block creation at 10 minutes. Over time, the volatility of the Bitcoin price has become higher and higher, and it causes the total hashrate (the hash power of the entire network) constantly fluctuating. Both facts and our experimental results prove that Bitcoin's difficulty adjustment algorithm cannot respond in time while the total hashrate is constantly fluctuating. Hence, we propose a consensus protocol with a real-time difficulty adjustment algorithm, RTPoW. RTPoW allows the blockchain to adjust the difficulty target of each block by predicting the real-time total hashrate, so the block time can remain stable even if the total hashrate is wildly fluctuating. To evaluate the effect of RTPoW, we implemented a simulator of an experimental environment and tested our algorithm. The results obtained have confirmed its effectiveness and stability.
AB - Bitcoin, the first decentralized cryptocurrency system, uses a simple but effective difficulty adjustment algorithm to stabilize its average time of the block creation at 10 minutes. Over time, the volatility of the Bitcoin price has become higher and higher, and it causes the total hashrate (the hash power of the entire network) constantly fluctuating. Both facts and our experimental results prove that Bitcoin's difficulty adjustment algorithm cannot respond in time while the total hashrate is constantly fluctuating. Hence, we propose a consensus protocol with a real-time difficulty adjustment algorithm, RTPoW. RTPoW allows the blockchain to adjust the difficulty target of each block by predicting the real-time total hashrate, so the block time can remain stable even if the total hashrate is wildly fluctuating. To evaluate the effect of RTPoW, we implemented a simulator of an experimental environment and tested our algorithm. The results obtained have confirmed its effectiveness and stability.
KW - Bitcoin
KW - Blockchain
KW - Difficulty Adjustment Algorithm(DAA)
UR - https://www.scopus.com/pages/publications/85129830886
U2 - 10.1109/ICPADS53394.2021.00035
DO - 10.1109/ICPADS53394.2021.00035
M3 - 会议稿件
AN - SCOPUS:85129830886
T3 - Proceedings of the International Conference on Parallel and Distributed Systems - ICPADS
SP - 233
EP - 240
BT - Proceedings - 2021 IEEE 27th International Conference on Parallel and Distributed Systems, ICPADS 2021
PB - IEEE Computer Society
Y2 - 14 December 2021 through 16 December 2021
ER -