International Journal of Networked and Distributed Computing

Volume 6, Issue 1, January 2018, Pages 43 - 52

Dynamically Adjusting the Mining Capacity in Cryptocurrency with Binary Blockchain

Authors
Yoohwan Kim1, Yoohwan.Kim@unlv.edu, Ju-Yeon Jo2, Juyeon.Jo@unlv.edu
1University of Nevada Las Vegas, 4505 S. Maryland Parkway, Las Vegas, NV 89052, USA
2University of Nevada Las Vegas, 4505 S. Maryland Parkway, Las Vegas, NV 89052, USA
Available Online 2 January 2018.
DOI
10.2991/ijndc.2018.6.1.5How to use a DOI?
Keywords
Blockchain; Cryptocurrency; Bitcoin; Scalability; Parallel Mining
Abstract

Many cryptocurrencies rely on Blockchain for its operation. Blockchain serves as a public ledger where all the completed transactions can be looked up. To place transactions in the Blockchain, a mining operation must be performed. However, due to a limited mining capacity, the transaction confirmation time is increasing. To mitigate this problem many ideas have been proposed, but they all come with own challenges. We propose a novel parallel mining method that can adjust the mining capacity dynamically depending on the congestion level. It does not require an increase in the block size or a reduction of the block confirmation time. The proposed scheme can increase the number of parallel blockchains when the mining congestion is experienced, which is especially effective under DDoS attack situation. We describe how and when the Blockchain is split or merged, how to solve the imbalanced mining problem, and how to adjust the difficulty levels and rewards. We then show the simulation results comparing the performance of binary blockchain and the traditional single blockchain.

Copyright
Copyright © 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article under the CC BY-NC license (http://creativecommons.org/licences/by-nc/4.0/).

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Journal
International Journal of Networked and Distributed Computing
Volume-Issue
6 - 1
Pages
43 - 52
Publication Date
2018/01/02
ISSN (Online)
2211-7946
ISSN (Print)
2211-7938
DOI
10.2991/ijndc.2018.6.1.5How to use a DOI?
Copyright
Copyright © 2018, the Authors. Published by Atlantis Press.
Open Access
This is an open access article under the CC BY-NC license (http://creativecommons.org/licences/by-nc/4.0/).

Cite this article

TY  - JOUR
AU  - Yoohwan Kim
AU  - Ju-Yeon Jo
PY  - 2018
DA  - 2018/01/02
TI  - Dynamically Adjusting the Mining Capacity in Cryptocurrency with Binary Blockchain
JO  - International Journal of Networked and Distributed Computing
SP  - 43
EP  - 52
VL  - 6
IS  - 1
SN  - 2211-7946
UR  - https://doi.org/10.2991/ijndc.2018.6.1.5
DO  - 10.2991/ijndc.2018.6.1.5
ID  - Kim2018
ER  -