Energy-Efficient Mining on a Quantum-Enabled Blockchain Using Light

Bennet, Adam; Daryanoosh, Shakib

doi:10.5195/ledger.2019.143

Cited by 8 publications

(8 citation statements)

References 107 publications

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“…For the purposes of this study, where the preservation of decentralised consensus is of concern, algorithms that rely directly on some form of centralised control over the network of participating nodes do not apply. These include all the voting-based algorithms and some proof-based algorithms like proof-of-entanglement (Bennet & Daryanoosh, 2019), proof-of-elapsed time (Nguyen & Kim, 2018), proof-of-luck (Nguyen &Kim, 2018) andproof-of-responsibility (Coinspace.com, 2019).…”

Section: Discussionmentioning

confidence: 99%

“…Some proof-based algorithms have made attempts to lower resource usage during mining, most notably, proof-of-stake, proof-of-importance (Bentov et al, 2016;NEM, 2018;Zheng et al, 2017) and delegated proof-of-stake (BitShares Blockchain Foundation, n.d.; Hasib, 2018). There have also been attempts to exchange energy for other resources during the mining process, these types of solutions include PoW with a cuckoo hash function (relies on memory rather than computational power) (Tromp, 2014), proof-of-human-work (requires inputs that are easy for humans to provide, but difficult for computers) (Blocki & Zhou, 2016), proof-of-burn (uses blockchain tokens) (Jenks, 2018;P4Titan, 2014), proof-ofspace (relies on data storage capacity) (Dziembowski et al, 2015), proof-of-entanglement (depends on the quantum properties of light) (Bennet & Daryanoosh, 2019), proof-of-elapsed time and proof-of-luck (uses centralised random number generation) (Nguyen & Kim, 2018) and proof-of-responsibility (relies on trusted nodes) (Coinspace.com, 2019).…”

Section: Related Workmentioning

confidence: 99%

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Nonlinear Proof-of-Work: Improving the Energy Efficiency of Bitcoin Mining

Bezuidenhout

Nel

Burger

2020

JCPMI

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Bitcoin is probably the most well-known blockchain system in existence. It employs the proof-of-work (PoW) consensus algorithm to add transactions to the blockchain. This process is better known as Bitcoin mining. PoW requires miners to compete in solving a cryptographic puzzle before being allowed to add a block of transactions to the blockchain. This mining process is energy-intensive and results in high energy wastage. The underlying cause of this energy inefficiency is the result of the current implementation of the PoW algorithm. PoW assigns the same cryptographic puzzle to all miners, creating a linear probability of success between the miner’s computational power as a proportion of the total computational power of the network. To address this energy inefficiency of the PoW mining process, the researchers investigated whether a nonlinear probability of success, between the miner’s computation power and its probability of success, will result in better energy usage. A nonlinear proof-of-work (nlPoW) algorithm was constructed by using a design science approach to derive the requirements for and structure of the algorithm. The Bitcoin mining process was tested through statistical simulation, comparing the performance of nlPoW with PoW. Preliminary results, simulating a network of 1000 miners with identical computational power, indicate that nlPoW reduce the number of hash computations, and therefore the energy consumption, required by Bitcoin mining. The findings are significant because nlPoW does not reduce the degree of decentralised consensus, or trade energy usage for some other resource as is the case with many other attempts to address the energy consumption problem in PoW.

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Section: Discussionmentioning

confidence: 99%

Section: Related Workmentioning

confidence: 99%

Nonlinear Proof-of-Work: Improving the Energy Efficiency of Bitcoin Mining

Bezuidenhout

Nel

Burger

2020

JCPMI

View full text Add to dashboard Cite

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“…However, quantum technology may provide an answer to improved energy efficiency. Bennet and Schakib in 2019 [71] propose a quantum-enabled blockchain architecture via a consortium of quantum servers. The network utilizes digital systems for sharing and processing information, combined with a fiber-optic infrastructure connecting quantum nodes (devices) transmitting and processing quantum information.…”

Section: Further Expansion Opportunities and Potential Roadblocks For...mentioning

confidence: 99%

“…They claim an energy efficient mining protocol enacted between clients and servers, using quantum information encoded in light, considering the vulnerabilities and benefits of quantum computing toward blockchain applications. Quantum entanglement, in principle, could offer instantaneous flipping states (information) of records in multi-replicating registration protocols for the ledger replicas, eliminating enacting energy transmission [65,71].…”

Section: Further Expansion Opportunities and Potential Roadblocks For...mentioning

confidence: 99%

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

et al. 2023

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Nowadays, fossil fuels are used in a clearly unsustainable way that can bring potentially catastrophic consequences. Electricity is currently delivered to end users by generation and energy transmission companies. Previous research shows that the development of modern circular economy sets a need for the re-orientation of socio and economic development of decentralized systems, including energy basis. In addition to being ecological, the use of renewable energy sources also has economic significance by contributing to energy independence. Citizens, industries, local and national authorities become interconnected within emerging novel renewable energy sourcing communities, through which they establish trade of energy and, most importantly, models of investing and reshaping the distribution of renewable energy. The modern portfolio management of renewable energy networking is aiming toward decentralized systems of trade, where the consumer becomes a producer (prosumer) within the network, itself managed by users. Excess energy produced in the micro-grid nets within the over-arching national and transnational energy grid should be accounted for and managed with blockchain technology for financial and structural security. The decentralization of the energy market requires the establishment of strict norms that will regulate the market and taxation of profits arising. The extensive literature review on blockchain in the energy sector reflects a very pragmatic and narrow approach to the topic, although it is evident that the distribution of energy within the blockchain would enable economic development through reducing cost and ensuring more secure energy trade. Blockchain technology embeds the related digital codes, in which information will be visible to all, but also secured from hacking and duplicating. However, there are challenges to this paradigm, not least the energy consumption of the extensive nodal mesh required to perform the necessary protocols. This paper aims to provide an overview of the application of blockchain technology and the need for the development of the regulatory system and of potential solutions to the challenges posed. By undertaking an energy consumption analysis of blockchain implementation from first electronic principles, which has not been constructed before in the literature, this paper’s conclusion stresses the future demand for reducing energy consumption and considers the latest findings in the quantum coupling of light signals as a potential for solving the enormous ledger duplication structure problem.

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“…For example, Banerjee et al create a chain of quantum states using multiparty entanglement of quantum weighted hypergraph states [55]. Bennet et al propose a quantumenabled blockchain architecture using quantum information encoded in light (quantum states of light) [56]. Theoretically, the chain of hypergraph states or quantum states of light can also be used in place of the chain of GHZ states and become the data structure of a quantum blockchain using entanglement in time.…”

Section: A Chain Of Quantum Statesmentioning

confidence: 99%

Decentralization Using Quantum Blockchain: A Theoretical Analysis

Yang

Salman

Jain

et al. 2022

IEEE Trans. Quantum Eng.

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Blockchain technology has been prominent recently due to its applications in cryptocurrency. Numerous decentralized blockchain applications have been possible due to blockchains' nature of distributed, secured, and peer-to-peer storage. One of its technical pillars is using public-key cryptography and hash functions, which promise a secure, pseudo-anonymous, distributed storage with non-repudiation. This security is believed to be difficult to break with classical computational powers. However, recent advances in quantum computing have raised the possibility of breaking these algorithms with quantum computers, thus, threatening the blockchains' security. Quantum-resistant blockchains are being proposed as alternatives to resolve this issue. Some propose to replace traditional cryptography with post-quantum cryptography-others base their approaches on quantum computer networks or quantum internets. Nonetheless, a new security infrastructure (e.g., access control/authentication) must be established before any of these could happen. This article provides a theoretical analysis of the quantum blockchain technologies that could be used for decentralized identity authentication. We put together a conceptual design for a quantum blockchain identity framework (QBIF) and give a review of the technical evidence. We investigate its essential components and feasibility, effectiveness, and limitations. Even though it currently has various limitations and challenges, we believe a decentralized perspective of quantum applications is noteworthy and likely.

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Energy-Efficient Mining on a Quantum-Enabled Blockchain Using Light

Cited by 8 publications

References 107 publications

Nonlinear Proof-of-Work: Improving the Energy Efficiency of Bitcoin Mining

Nonlinear Proof-of-Work: Improving the Energy Efficiency of Bitcoin Mining

Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy Grids

Decentralization Using Quantum Blockchain: A Theoretical Analysis

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