Efficient blockchain system based on proof of segmented work
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The use of Blockchain in Cryptocurrency introduces a technology that acts as an unswervingly growing ledger with the capability to keep an everlasting record of all the transactions that have taken place, in a secure chronological and immutable system. It removes dependency on central financial service providers such as banks, essentially removing the middle-man from the transaction. Bitcoin is one of the biggest users in blockchain and holds the highest share in the cryptocurrency market. However, bitcoin has three major problems which are excessive power consumption, confirmation time and fair reward distribution. Hence, we are proposing a system where we have tried to reduce energy consumption by limiting the participation of all the nodes in the network and worked on increasing the propagation speed in the network. Finally, we have put a lot of emphasis on the concept of fair reward distribution which is not considered in most cryptocurrencies. Apart from this, we tried to prove our systems efficiency by comparing the energy consumption with the two most used crypto currencies Bitcoin and Ethereum mathematically. And have reached the conclusion, that our proposed system shall reduce energy consumption by about 80.0% and 46.68% when compared with Bitcoin and Ethereum if each node in our network consumed the equivalent energy as an average node in the bitcoin network, on the otherhand, 92.41% and 79.76% if each node in our network consumed the equivalent energy as an average node in the ethereum network.