Confronting the Carbon-footprint Challenge of Blockchain

• URL: http://arxiv.org/abs/2201.06929v1
• Date: Fri, 31 Dec 2021 22:10:09 GMT
• Title: Confronting the Carbon-footprint Challenge of Blockchain
• Authors: Xiaoyang Shi, Hang Xiao, Weifeng Liu, Xi Chen, Klaus. S. Lackner, Vitalik Buterin, Thomas F. Stocker
• Abstract summary: We point out an advanced consensus mechanism named Proof of Stake that can eliminate the extensive energy consumption of the current PoW-based blockchain. We comprehensively elucidate the current and projected energy consumption and carbon footprint of the PoW and PoS based Bitcoin and blockchain platforms.
• Score: 5.643032424220467
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: The distributed consensus mechanism is the backbone of the rapidly developing blockchain network. Blockchain platforms consume vast amounts of electricity based on the current consensus mechanism of Proof of Work. Here, we point out an advanced consensus mechanism named Proof of Stake that can eliminate the extensive energy consumption of the current PoW-based blockchain. We comprehensively elucidate the current and projected energy consumption and carbon footprint of the PoW and PoS based Bitcoin and Ethereum blockchain platforms.

Related papers

• Advancing Towards Green Blockchain: A Practical Energy-Efficient Blockchain Based Application for CV Verification [0.0]
  This article describes a green blockchain solution and quantifies energy savings when deploying the system on traditional computers. It is proposed a solution for tackling the problem of academic certificate forgery, which has a significant cost to society. This article compares the performance of a traditional computer and two SBCs (a Raspberry Pi 4 and an Orange Pi One), showing that is possible to make use of the latter low-power devices.
  arXiv  Detail & Related papers  (2024-10-27T21:32:20Z)
• Mastering AI: Big Data, Deep Learning, and the Evolution of Large Language Models -- Blockchain and Applications [17.293955748551053]
  The article begins with an introduction to cryptography fundamentals. It covers topics such as proof-of-work, proof-of-stake, and smart contracts. The article concludes by addressing the current state of academic research on blockchain.
  arXiv  Detail & Related papers  (2024-10-14T02:56:36Z)
• The Latency Price of Threshold Cryptosystem in Blockchains [52.359230560289745]
  We study the interplay between threshold cryptography and a class of blockchains that use Byzantine-fault tolerant (BFT) consensus protocols. Existing approaches for threshold cryptosystems introduce a latency overhead of at least one message delay for running the threshold cryptographic protocol. We propose a mechanism to eliminate this overhead for blockchain-native threshold cryptosystems with tight thresholds.
  arXiv  Detail & Related papers  (2024-07-16T20:53:04Z)
• IT Strategic alignment in the decentralized finance (DeFi): CBDC and digital currencies [49.1574468325115]
  Decentralized finance (DeFi) is a disruptive-based financial infrastructure. This paper seeks to answer two main questions 1) What are the common IT elements in the DeFi? And 2) How the elements to the IT strategic alignment in DeFi?
  arXiv  Detail & Related papers  (2024-05-17T10:19:20Z)
• Enhancing Trust and Privacy in Distributed Networks: A Comprehensive Survey on Blockchain-based Federated Learning [51.13534069758711]
  Decentralized approaches like blockchain offer a compelling solution by implementing a consensus mechanism among multiple entities. Federated Learning (FL) enables participants to collaboratively train models while safeguarding data privacy. This paper investigates the synergy between blockchain's security features and FL's privacy-preserving model training capabilities.
  arXiv  Detail & Related papers  (2024-03-28T07:08:26Z)
• Generative AI-enabled Blockchain Networks: Fundamentals, Applications, and Case Study [73.87110604150315]
  Generative Artificial Intelligence (GAI) has emerged as a promising solution to address challenges of blockchain technology. In this paper, we first introduce GAI techniques, outline their applications, and discuss existing solutions for integrating GAI into blockchains.
  arXiv  Detail & Related papers  (2024-01-28T10:46:17Z)
• Accounting for carbon emissions caused by cryptocurrency and token systems [0.0]
  This white paper explores different approaches of how to allocate emissions caused by cryptocurrencies and tokens. Based on our analysis of the strengths and limitations of potential approaches, we propose a framework that combines key drivers of emissions in Proof of Work and Proof of Stake networks.
  arXiv  Detail & Related papers  (2021-11-11T22:03:09Z)
• Quantum-resistance in blockchain networks [46.63333997460008]
  This paper describes the work carried out by the Inter-American Development Bank, the IDB Lab, LACChain, Quantum Computing (CQC), and Tecnologico de Monterrey to identify and eliminate quantum threats in blockchain networks. The advent of quantum computing threatens internet protocols and blockchain networks because they utilize non-quantum resistant cryptographic algorithms.
  arXiv  Detail & Related papers  (2021-06-11T23:39:25Z)
• An Overview of Forks and Coordination in Blockchain Development [0.0]
  This manuscript is aimed at elaborating the concept of blockchain technology alongside its coordination and implementation with other emerging technologies. The discussion of blockchain forks is also covered in this manuscript, depicting fork events created in the blockchain process, their brief history, types, and impacts upon the blockchain development and operation.
  arXiv  Detail & Related papers  (2021-02-19T16:18:16Z)
• Quantum Multi-Solution Bernoulli Search with Applications to Bitcoin's Post-Quantum Security [67.06003361150228]
  A proof of work (PoW) is an important cryptographic construct enabling a party to convince others that they invested some effort in solving a computational task. In this work, we examine the hardness of finding such chain of PoWs against quantum strategies. We prove that the chain of PoWs problem reduces to a problem we call multi-solution Bernoulli search, for which we establish its quantum query complexity.
  arXiv  Detail & Related papers  (2020-12-30T18:03:56Z)

This list is automatically generated from the titles and abstracts of the papers in this site.

This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.