Proof of Work algorithms in current Blockchain systems are extremely energy inefficient especially at the mining process where a significant amount of electricity/resource is consumed. A proposed solution aims to reduce this energy waste. An energy efficient and useful approach for Blockchains Proof of Work is proposed where it is highly applicable to many Blockchain based systems like Bitcoin and Ethereum. The methods harness pre-computed random values in an array of cryptographic commitments supporting key exchange and public key encryption. The novel PoW algorithm saves energy in offline-online cryptographic settings by preserving the properties of the classical PoW.
Illustration of the Traditional PoW Algorithm
High Level Idea Description