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**Polycash: An Increased-Decentralization P2P Blockchain System** | ||
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**Asher Wrobel** | ||
*Asher Wrobel* ([email protected]) | ||
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[https://github.com/Ashy5000](https://github.com/Ashy5000) | ||
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**Abstract** | ||
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@@ -14,7 +14,7 @@ In the current day, financial institutions have largely become adopted as an int | |
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To resolve these issues, a new consensus algorithm is needed: the APoW (Adjusted Proof of Work) algorithm. Instead of giving blockchain power directly proportional to mining power, APoW calculates block speed on a per-miner basis. It decreases target time (base 1 minute) by up to 50% for a miner with infinite mining rate, and increases target time by up to 50% for a miner with zero mining rate. This leads to an increase of decentralization in the blockchain and the network, and allows for a lower energy requirement than with a standard PoW blockchain. | ||
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Another issue facing modern blockchains is the threat of quantum computing, specifically Shor's algorithm, which could, in theory, break the elliptic curve cryptography blockchains typically use for digital signatures. However, new alternatives have become available, such as the CRYSTALS-Dilithium family of public-key cryptography algorithms. Post-quantum public key cryptography algorithms must soon take on an important role in blockchain systems in order to future-proof their core systems. | ||
Another issue facing modern blockchains is the threat of quantum computing, specifically Shor's algorithm, which could, in theory, break the elliptic curve cryptography blockchains typically use for digital signatures. However, new alternatives have become available, such as the CRYSTALS-Dilithium family of public-key cryptography algorithms. Post-quantum public key cryptography algorithms must soon take on an important role in blockchain systems in order to future-proof their security guarantees. | ||
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A new blockchain, Polycash, is introduced to implement solutions to these issues. It utilizes the APoW consensus algorithm, Dilithium3 quantum-resistant signatures, and a new incentives system to increase decentralization, security, and efficiency. | ||
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