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RANC: reward-all nakamoto consensus

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Title: RANC: reward-all nakamoto consensus
Authors: Khalil, RA
Dulay, N
Item Type: Conference Paper
Abstract: In this work we present Reward-All Nakamoto-Consensus (RANC), a Proof-of-Work cryptocurrency that resiliently rewards each miner with a number of coins that is directly proportional to its individual mining power, rather than to its relative share of the entire network's mining power as done in Bitcoin. Under this approach, the security of mining in RANC achieves near-perfect incentive compatibility, and near-zero censorship susceptibility, for adversarial mining shares up to 45%, but at the cost of regression in subversion-gain resilience. Moreover, mining rewards in RANC exhibit significantly lower variance for non-majority miners compared to NC, enabling dependable reward stability. Consequently, depending on the network transaction-fees, RANC improves miner's waiting time for rewards, and incentivizes forming mining pools smaller than required in Bitcoin for equal reward stability. A detailed specification of RANC is presented, along with an evaluation of the practicality and efficiency achieved by our prototype RANC implementation.
Issue Date: 25-Apr-2022
Date of Acceptance: 1-Apr-2022
URI: http://hdl.handle.net/10044/1/98946
DOI: 10.1145/3477314.3507056
Publisher: ACM
Start Page: 236
End Page: 245
Journal / Book Title: Proceedings of the 37th ACM/SIGAPP Symposium on Applied Computing
Copyright Statement: © 2022 Copyright held by the owner/author(s). This work is licensed under a CC BY NC-SA International 4.0 License.
Conference Name: SAC '22: The 37th ACM/SIGAPP Symposium on Applied Computing
Publication Status: Published
Start Date: 2022-04-25
Finish Date: 2022-04-29
Conference Place: New York, NY, United States
Open Access location: https://dl.acm.org/doi/10.1145/3477314.3507056
Online Publication Date: 2022-05-06
Appears in Collections:Computing

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