Artikel
A new proof-of-work mechanism for bitcoin
Background: Bitcoin system, when more than 51% computing power is controlled by a single node, the block chain can be distorted maliciously. This is called 51% attack which is a well-known potential risk that could destroy the Bitcoin system. Method: The paper proves that under the current proof-of-work mechanism, computing power eventually will be centralized at a single node if miners are rational enough. Result: The paper propose a new proof-of-work mechanism that improves decentralization and reduces the risk of 51% attack without increasing the risk of Sybil attack. Concusions: This new mechanism introduces a series of principles such as Career open to all talents, without distinction of birth, Distribution according to labor and All Men are created equal.
- Language
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Englisch
- Bibliographic citation
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Journal: Financial Innovation ; ISSN: 2199-4730 ; Volume: 2 ; Year: 2016 ; Issue: 31 ; Pages: 1-8 ; Heidelberg: Springer
- Classification
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Management
- Subject
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Digital currency
Consensus mechanism
Bitcoin
proof-of-work
- Event
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Geistige Schöpfung
- (who)
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Shi, Ning
- Event
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Veröffentlichung
- (who)
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Springer
- (where)
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Heidelberg
- (when)
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2016
- DOI
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doi:10.1186/s40854-016-0045-6
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Shi, Ning
- Springer
Time of origin
- 2016
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