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Casper: Modification of Bitcoin Using Proof of Stake

  • Nakul ShethEmail author
  • Priteshkumar Prajapati
  • Ayesha Shaikh
  • Parth Shah
Conference paper
Part of the Smart Innovation, Systems and Technologies book series (SIST, volume 106)

Abstract

Proof of Work is a Bitcoin mining algorithm in which miners used to solve cryptographic puzzle using lots of electricity and computational power. Some amount of bitcoins will be rewarded to the first miner who solved this puzzle and generates a new block in the blockchain. But using proof of stake, this mining process may not require huge amount of computational power and electricity consumption from the miner. So, proof of stake may be the most promising mining algorithm for cryptocurrency. In proof of work, the validation of a transaction is based on the amount of computational power provided by a miner in the blockchain to solve the cryptographic puzzle but proof of stake is a consensus mining algorithm of blockchain that depends upon the amount of stake deposited by a validator into the network. Proof of stake reduces the risk of centralization and energy efficiency from the blockchain.

Keywords

Proof of work Proof of stake Blockchain Block Bitcoin Cryptocurrency Casper 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2019

Authors and Affiliations

  • Nakul Sheth
    • 1
    Email author
  • Priteshkumar Prajapati
    • 1
  • Ayesha Shaikh
    • 1
  • Parth Shah
    • 1
  1. 1.Department of Information TechnologyCSPIT CHARUSATChanga, AnandIndia

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