Key Agreements via Protocols

A.W. Roscoe, Wang Lei
University College Oxford Blockchain Research Centre

The objective of this paper is to introduce and justify a mining model with as much as possible in common with PoW but which does not require anything like so much energy usage. The core idea is to retain the hash competition but make it vastly easier by dint of controlling how many entries can be made. Each has to be paid for. Broadly speaking we want to force miners to spend money on mining tokens of some sort rather than electricity.