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Proof of Work (PoW), which is a consensus algorithm for blockchain, entails a large number of meaningless hash calculations and wastage of electric power and computational resources. In 2021, it is estimated that the PoW of Bitcoin consumes as much electricity as Pakistan's annual power consumption (91TWh). This is a serious problem against sustainable development goals. To solve this problem, this study proposes Meaningful-PoW (mPoW), which involves a meaningful calculation, namely the application of a genetic algorithm (GA) to PoW. Specifically, by using the intermediate values that are periodically generated through GA calculations as an input to the Hashcash used in Bitcoin, it is possible to make this scheme a meaningful calculation (GA optimization problem) while maintaining the properties required for PoW. Furthermore, by applying a device-binding technology, mPoW can be ASIC resistant without the requirement of a large memory. Thus, we show that mPoW can reduce the excessive consumption of both power and computational resources.

- Publication
- IEICE TRANSACTIONS on Fundamentals Vol.E106-A No.3 pp.333-340

- Publication Date
- 2023/03/01

- Publicized
- 2022/11/09

- Online ISSN
- 1745-1337

- DOI
- 10.1587/transfun.2022CIP0010

- Type of Manuscript
- Special Section PAPER (Special Section on Cryptography and Information Security)

- Category

Takaki ASANUMA

the University of Hyogo

Takanori ISOBE

the University of Hyogo

The copyright of the original papers published on this site belongs to IEICE. Unauthorized use of the original or translated papers is prohibited. See IEICE Provisions on Copyright for details.

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Takaki ASANUMA, Takanori ISOBE, "mPoW: How to Make Proof of Work Meaningful" in IEICE TRANSACTIONS on Fundamentals,
vol. E106-A, no. 3, pp. 333-340, March 2023, doi: 10.1587/transfun.2022CIP0010.

Abstract: Proof of Work (PoW), which is a consensus algorithm for blockchain, entails a large number of meaningless hash calculations and wastage of electric power and computational resources. In 2021, it is estimated that the PoW of Bitcoin consumes as much electricity as Pakistan's annual power consumption (91TWh). This is a serious problem against sustainable development goals. To solve this problem, this study proposes Meaningful-PoW (mPoW), which involves a meaningful calculation, namely the application of a genetic algorithm (GA) to PoW. Specifically, by using the intermediate values that are periodically generated through GA calculations as an input to the Hashcash used in Bitcoin, it is possible to make this scheme a meaningful calculation (GA optimization problem) while maintaining the properties required for PoW. Furthermore, by applying a device-binding technology, mPoW can be ASIC resistant without the requirement of a large memory. Thus, we show that mPoW can reduce the excessive consumption of both power and computational resources.

URL: https://global.ieice.org/en_transactions/fundamentals/10.1587/transfun.2022CIP0010/_p

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@ARTICLE{e106-a_3_333,

author={Takaki ASANUMA, Takanori ISOBE, },

journal={IEICE TRANSACTIONS on Fundamentals},

title={mPoW: How to Make Proof of Work Meaningful},

year={2023},

volume={E106-A},

number={3},

pages={333-340},

abstract={Proof of Work (PoW), which is a consensus algorithm for blockchain, entails a large number of meaningless hash calculations and wastage of electric power and computational resources. In 2021, it is estimated that the PoW of Bitcoin consumes as much electricity as Pakistan's annual power consumption (91TWh). This is a serious problem against sustainable development goals. To solve this problem, this study proposes Meaningful-PoW (mPoW), which involves a meaningful calculation, namely the application of a genetic algorithm (GA) to PoW. Specifically, by using the intermediate values that are periodically generated through GA calculations as an input to the Hashcash used in Bitcoin, it is possible to make this scheme a meaningful calculation (GA optimization problem) while maintaining the properties required for PoW. Furthermore, by applying a device-binding technology, mPoW can be ASIC resistant without the requirement of a large memory. Thus, we show that mPoW can reduce the excessive consumption of both power and computational resources.},

keywords={},

doi={10.1587/transfun.2022CIP0010},

ISSN={1745-1337},

month={March},}

Copy

TY - JOUR

TI - mPoW: How to Make Proof of Work Meaningful

T2 - IEICE TRANSACTIONS on Fundamentals

SP - 333

EP - 340

AU - Takaki ASANUMA

AU - Takanori ISOBE

PY - 2023

DO - 10.1587/transfun.2022CIP0010

JO - IEICE TRANSACTIONS on Fundamentals

SN - 1745-1337

VL - E106-A

IS - 3

JA - IEICE TRANSACTIONS on Fundamentals

Y1 - March 2023

AB - Proof of Work (PoW), which is a consensus algorithm for blockchain, entails a large number of meaningless hash calculations and wastage of electric power and computational resources. In 2021, it is estimated that the PoW of Bitcoin consumes as much electricity as Pakistan's annual power consumption (91TWh). This is a serious problem against sustainable development goals. To solve this problem, this study proposes Meaningful-PoW (mPoW), which involves a meaningful calculation, namely the application of a genetic algorithm (GA) to PoW. Specifically, by using the intermediate values that are periodically generated through GA calculations as an input to the Hashcash used in Bitcoin, it is possible to make this scheme a meaningful calculation (GA optimization problem) while maintaining the properties required for PoW. Furthermore, by applying a device-binding technology, mPoW can be ASIC resistant without the requirement of a large memory. Thus, we show that mPoW can reduce the excessive consumption of both power and computational resources.

ER -