[Resource Topic] 2023/373: Consensus Algorithm Using Transaction History for Cryptocurrency

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Title:
Consensus Algorithm Using Transaction History for Cryptocurrency

Authors: Yuuki Komi, Takayuki Tatekawa

Abstract:

Blockchain consensus algorithms for cryptocurrency consist of the proof of work and proof of stake. However, current algorithms have problems, such as huge power consumption and equality issues. We propose a new consensus algorithm that uses transaction history. This algorithm ensures equality by randomly assigning approval votes based on past transaction records. We also incorporate a mechanism for adjusting issuance volume to measure the stability of the currency’s value.

ePrint: https://eprint.iacr.org/2023/373

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