Secured IOTA enabled crypto-platform with discretionary mining capabilities and miner nomination based on first-price sealed bid auction theory

Abstract

The commercial utilization of cryptocurrency as a digital asset in being more and more sought-after on each successive year. Most of the well-renowned crypto platforms nowadays are devised based on the premise of the concept of blockchain. These cryptocurrencies work as an alternative medium of exchange using cryptography to secure the transactions on a distributed ledger. When using regular blockchain-based digital cryptocurrency most of the time the respected crypto-platforms discourage low valued microtransactions from being executed. Because often, the transaction fee may exceed the value of the product or service that is being purchased. As a result, for this particular reason, micropayment systems using digital crypto platforms remain largely underdeveloped. To solve this complication our thesis model was emanated from the notion of IOTA, which is considered as a minerless crypto-platform where the requisition of miners is disregarded thus enabling users to relish the advantages of microtransactions, however with the inclusion of âDiscretionary miningâ. âDiscretionary Miningâ refers to the hypothesis of the availability of mining capabilities at the discretion of the users.