Consensus Algorithm Using Transaction History for Cryptocurrency

Yuuki Komi; Takayuki Tatekawa

Paper 2023/373

Consensus Algorithm Using Transaction History for Cryptocurrency

Yuuki Komi, National Institute of Technology (KOSEN), Kochi College

Takayuki Tatekawa

, National Institute of Technology (KOSEN), Kochi College

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.

Metadata

Available format(s): PDF
Category: Cryptographic protocols
Publication info: Published elsewhere. Bulletin of National Institute of Technology, Kochi College, Vol. 68, pp.29-34
Keywords: cryptocurrency consensus blockchain
Contact author(s): tatekawa @ kochi-ct ac jp
History: 2023-03-16: approved; 2023-03-15: received; See all versions
Short URL: https://ia.cr/2023/373
License: CC BY

BibTeX

@misc{cryptoeprint:2023/373,
      author = {Yuuki Komi and Takayuki Tatekawa},
      title = {Consensus Algorithm Using Transaction History for Cryptocurrency},
      howpublished = {Cryptology ePrint Archive, Paper 2023/373},
      year = {2023},
      note = {\url{https://eprint.iacr.org/2023/373}},
      url = {https://eprint.iacr.org/2023/373}
}