The DOI matches its Crossref record; 25 of the 25 references it cites were found in a registry or an index.
Permacoin: Repurposing Bitcoin Work for Data Preservation
Open accessAbstract
Bit coin is widely regarded as the first broadly successful e-cash system. An oft-cited concern, though, is that mining Bit coins wastes computational resources. Indeed, Bit coin's underlying mining mechanism, which we call a scratch-off puzzle (SOP), involves continuously attempting to solve computational puzzles that have no intrinsic utility. We propose a modification to Bit coin that repurposes its mining resources to achieve a more broadly useful goal: distributed storage of archival data. We call our new scheme Perm coin. Unlike Bit coin and its proposed alternatives, Perm coin requires clients to invest not just computational resources, but also storage. Our scheme involves an alternative scratch-off puzzle for Bit coin based on Proofs-of-Retrievability (PORs). Successfully minting money with this SOP requires local, random access to a copy of a file. Given the competition among mining clients in Bit coin, this modified SOP gives rise to highly decentralized file storage, thus reducing the overall waste of Bit coin. Using a model of rational economic agents we show that our modified SOP preserves the essential properties of the original Bit coin puzzle. We also provide parameterizations and calculations based on realistic hardware constraints to demonstrate the practicality of Perm coin as a whole.
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Cites
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Cited by
On blockchain and its integration with IoT. Challenges and opportunities
Reyna, A., Martín, C., Chen, J., Soler, E., & Díaz, M. (2018) · Future Generation Computer Systems · doi:10.1016/j.future.2018.05.046 · Cited by 1,908
Bitcoin and beyond: a technical survey on decentralized digital currencies
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A Survey on Security and Privacy Issues of Bitcoin
Conti, M., Sandeep Kumar, E., Lal, C., & Ruj, S. (2018) · IEEE Communications Surveys & Tutorials · doi:10.1109/comst.2018.2842460 · Cited by 1,116
“Storage of crypt value is random, and more transactions are stored, only if more stake users are associated with the chain.”
BackgroundSurvey on blockchain for Internet of Things
Wang, X., Zha, X., Ni, W., Liu, R. P., Guo, Y. J., Niu, X., & Zheng, K. (2019) · Computer Communications · doi:10.1016/j.comcom.2019.01.006 · Cited by 567
Nguyen, C. T., Hoang, D. T., Nguyen, D. N., Niyato, D., Nguyen, H. T., & Dutkiewicz, E. (2019) · IEEE Access · doi:10.1109/access.2019.2925010 · Cited by 533
Metadata
- Authors
- Miller, A., Juels, A., Shi, E., Parno, B., & Katz, J.
- Venue
- 2014 IEEE Symposium on Security and Privacy
- Publisher
- IEEE
- Published
- 2014-05
- Pages
- 475-490
- ISSN
- 1081-6011 (ISSN-L)
- OpenAlex
- W1978649650
- Cited by
- 310
- References
- 25
- FWCI
- 20.52
- Type
- conference paper
- Language
- en
- Open access
- bronze
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- The paper
- Miller, A., Juels, A., Shi, E., Parno, B., & Katz, J. (2014). Permacoin: Repurposing Bitcoin Work for Data Preservation. 2014 IEEE Symposium on Security and Privacy. https://doi.org/10.1109/sp.2014.37
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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