coinBD: an enhanced version of proof of work with less computational power

Abstract

Cryptocurrencies are digital currency system where transactions happen in a decentralized peer to peer network without and security provided by cryptography. Blockchain is the backbone technology behind cryptocurrencies which plays the role of distributed ledger. Bitcoin is the firstly invented cryptocurrency of the world and till present day it is the most popular in this sector. Bitcoin is maintained by very organized blockchain network which has secured validation systems for transactions, stable and simultaneous consensus and mining process. But our concern was at its proof of work solving procedure which is used at mining phase. Although proof of work is highly secured but it needs too much computational power and network latency to solve it. It also needs time to mine as if difficulty rises proof of work solving takes longer time. To solve the problem, we implemented a cryptocurrency named coinBD where we used our own approach proof of rigor (por) instead of proof of work which directly works with transaction amount. Proof of rigor does not take much time and high computation as proof of work for mining. Our expectation is to establish coinBD’s proof of rigor as a solution to proof of works those complexities.