Personalized difficulty adjustment for countering the double-spending attack in proof-of-work consensus protocols
CN Chou, YJ Lin, R Chen, HY Chang… - … on Internet of Things …, 2018 - ieeexplore.ieee.org
Bitcoin is the first secure decentralized electronic currency system. However, it is known to
be inefficient due to its proof-of-work (PoW) consensus algorithm and has the potential
hazard of double spending. In this paper, we aim to reduce the probability of double
spending by decreasing the probability of consecutive winning. We first formalize a PoW-
based decentralized secure network model in order to present a quantitative analysis. Next,
to resolve the risk of double spending, we propose the personalized difficulty adjustment …
be inefficient due to its proof-of-work (PoW) consensus algorithm and has the potential
hazard of double spending. In this paper, we aim to reduce the probability of double
spending by decreasing the probability of consecutive winning. We first formalize a PoW-
based decentralized secure network model in order to present a quantitative analysis. Next,
to resolve the risk of double spending, we propose the personalized difficulty adjustment …
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