Bitcoin: a new proof-of-work system with reduced variance
Abstract Since its inception, bitcoin has used the popular consensus protocol proof-of-work (PoW). PoW has a well-known flaw: it distributes all rewards to a single miner (or pool) who inserts a new block. Consequently, the variance of rewards and the mining enterprise risk are extremely high. In 20...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
SpringerOpen
2023-05-01
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| Series: | Financial Innovation |
| Subjects: | |
| Online Access: | https://doi.org/10.1186/s40854-023-00505-2 |