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Designing Proof of Transaction Puzzles for Cryptocurrency
Authors: Taotao Li, Parhat Abla, Mingsheng Wang, Qianwen WeiAbstract:
One of the Bitcoin’s innovations is the Proof of Work puzzle (aka scratch-off puzzle) as a consensus protocol for anonymous networks without pre-established PKI. Bitcoins based on the Proof of Work puzzle have been harshly blamed today for problems such as energy wasted and not easily scalable. In this paper, we construct a novel Proof of Transaction(PoT) puzzle, and prove that PoT puzzle satisfies the basic construction conditions of scratch-off puzzle. We also show construction of PoTcoin as application. PoTcoin has many advantage but not limited as strengthening the network topology, promoting currency circulation, anti-outsourcing computing and environment-friendly.
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