Dynamically Adjusting the Mining Capacity in Cryptocurrency with Binary Blockchain

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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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  -