Towards a low carbon proof-of-work blockchain

• URL: http://arxiv.org/abs/2404.04729v1
• Date: Sat, 6 Apr 2024 20:48:20 GMT
• Title: Towards a low carbon proof-of-work blockchain
• Authors: Agron Gemajli, Shivam Patel, Phillip G. Bradford,
• Abstract summary: A proof of technology is described towards replacing hashcash or other Proof of Work (PoW) methods with a lottery and proof-of-VM (PoVM) emulation. PoVM emulation is a form of PoW where an autonomous miner gets a lottery ticket in exchange for providing a VM for a specified period.
• Score: 0.0
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: Proof of Work (PoW) blockchains burn a lot of energy. Proof-of-work algorithms are expensive by design and often only serve to compute blockchains. In some sense, carbon-based and non-carbon based regional electric power is fungible. So the total carbon and non-carbon electric power mix plays a role. Thus, generally PoW algorithms have large CO$_2$ footprints solely for computing blockchains. A proof of technology is described towards replacing hashcash or other PoW methods with a lottery and proof-of-VM (PoVM) emulation. PoVM emulation is a form of PoW where an autonomous blockchain miner gets a lottery ticket in exchange for providing a VM (virtual Machine) for a specified period. These VMs get their jobs from a job queue. Managing and ensuring, by concensus, that autonomous PoVMs are properly configured and running as expected gives several gaps for a complete practical system. These gaps are discussed. Our system is similar to a number of other blockchain systems. We briefly survey these systems. This paper along with our proof of technology was done as a senior design project.

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