A New ECDLP-Based PoW Model

Alessio Meneghetti, Massimiliano Sala and Daniele Taufer
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Alessio Meneghetti: Department of Mathematics, University of Trento, Via Sommarive 14, 38123 Povo (TN), Italy
Massimiliano Sala: Department of Mathematics, University of Trento, Via Sommarive 14, 38123 Povo (TN), Italy
Daniele Taufer: Department of Mathematics, University of Trento, Via Sommarive 14, 38123 Povo (TN), Italy

Mathematics, 2020, vol. 8, issue 8, 1-11

Abstract: Blockchain technology has attracted a lot of research interest in the last few years. Originally, their consensus algorithm was Hashcash, which is an instance of the so-called Proof-of-Work. Nowadays, there are several competing consensus algorithms, not necessarily PoW. In this paper, we propose an alternative proof of work algorithm which is based on the solution of consecutive discrete logarithm problems over the point group of elliptic curves. At the same time, we sketch a blockchain scheme, whose consensus is reached via our algorithm. In the considered architecture, the curves are pseudorandomly determined by block creators, chosen to be cryptographically secure and changed every epoch. Given the current state of the chain and a prescribed set of transactions, the curve selection is fully rigid, therefore trust is needed neither in miners nor in the scheme proposers.

Keywords: proof of work (PoW); elliptic curve cryptography (ECC); elliptic curve discrete logarithm problem (ECDLP); blockchain; epoch; provable security (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2020
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