Proofs of Useless Work -- Positive and Negative Results for Wasteless Mining Systems
Maya Dotan; Saar Tochner · 2020 · arXiv
WASTE classifies this as Negative / Null Result Report · AI classification, approximate
The study found no significant effect — useful as a negative control or null benchmark for your own design.
Abstract (excerpt)
Many blockchain systems today, including Bitcoin, rely on Proof of Work (PoW). Proof of work is crucial to the liveness and security of cryptocurrencies. The assumption when using PoW is that a lot of trial and error is required on average before a valid block is generated. One of the main concerns raised with regard to this kind of system is the inherent need to "waste" energy on "meaningless" problems. In fact, the Bitcoin system is believed to consume more electricity than several small countries. In this work we formally define three properties that are necessary for wasteless PoW systems:
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Metadata source: arXiv