Proof of spending in block-chain systems
Chunlei Liu
TL;DR
This paper proposes a novel proof mechanism for blockchain systems where a node's chance to create a valid block depends on its total spent coins, aiming to incentivize spending behavior.
Contribution
The paper introduces 'proof of spending', a new consensus method linking block creation probability to cumulative spending history.
Findings
Probability of block creation is proportional to total spent coins.
The system incentivizes spending to increase block creation chances.
Potential for improved security and fairness in blockchain consensus.
Abstract
We introduce proof of spending in a block-chain system. In this system the probability for a node to create a legal block is proportional to the total amount of coins it has spent in history.
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Taxonomy
TopicsBlockchain Technology Applications and Security · Complex Systems and Time Series Analysis · Economic theories and models