Stop Boiling the Oceans
A Review on Energy Efficient Proof of Work Alternatives
M.R. Comans (TU Delft - Electrical Engineering, Mathematics and Computer Science)
O.N. de Haas (TU Delft - Electrical Engineering, Mathematics and Computer Science)
R. Jongerius (TU Delft - Electrical Engineering, Mathematics and Computer Science)
D.A.J. Oudejans (TU Delft - Electrical Engineering, Mathematics and Computer Science)
E. de Smidt (TU Delft - Electrical Engineering, Mathematics and Computer Science)
Z Erkin – Mentor (TU Delft - Cyber Security)
P.R. Zimmermann – Graduation committee member (TU Delft - Cyber Security)
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Abstract
Bitcoin’s underlying consensus algorithm, Proof of Work, is of inefficient nature. Due to the sheer size that Bitcoin has grown to over the recent years, power consumption has increased so much that the Bitcoin network has been estimated to consume more power than the whole country of Ireland. This paper investigates several alternatives to the Proof of Work consensus algorithm, with a focus on energy efficiency. We found permissioned and permissionless consensus algorithms that offer solutions that consume significantly less energy than Proof of Work.