Abstract:Proof-of-Work (PoW) algorithm is a popular blockchain algorithm employed in many blockchain applications such as Bitcoin. Cryptographic hashing is the foundation of the PoW algorithm and blockchain technology in general. Unfortunately, the use of hashing in PoW has led to huge computational requirements. Researchers and industrialists are aware of the immense energy consumed by the PoW algorithm in blockchain-based cryptocurrencies. For instance, Bitcoin currently consumes above 110 TWh of electricity annually… Show more
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