Proof of Assignment: An Economic Proof-of-Work Based Algorithm Performing Assignments in a Peer-Servicing Network

Abstract

Bitcoin is a universal crypto currency and a peer-to-peer payment system Online payments can be sent directly from one party to another without going through a financial institution “Mining” is a process to generate bitcoin users offer their computing power to verify and record payments to reward transaction fees and newly created bitcoin Mining of bitcoin is to solve proof of work puzzles that users need to expend a certain amount of computational capability to verify payments and prevent double-spending to manage the bitcoin network However the results of proof of work puzzles are meaningless values With the rise of bitcoin more and more computers join to mining bitcoin Large amount of computational capability are wasted to compute the meaningless results If we can integrate and use the computational capability of mining bitcoin to solve hard computational problems the computational capability will be not considered wasteful but practical In this paper we propose and implement an economic proof-of-work based algorithm which combines proof of work mechanism and genetic algorithm in a peer-servicing network Genetic algorithm is used to solve NP problems in mining process Integrating the implementation of proof of assignment into bitcoin system users can reward incentives by solving NP problems With the advantages of peer-servicing network the whole system will become a market serves as a computing platform for solving hard computational problems using genetic algorithm

Date of Award	2014 Aug 6
Original language	English
Supervisor	Sheng-Tzong Cheng (Supervisor)