Proof of Solution: Implementation of Work History as Stake in Blockchain Applications

Abstract

Blockchain is said to be one of the most prominent inventions since the advent of the internet. Cryptocurrency is one of the most well-known blockchain applications and has shown tremendous growth in recent times. Most cryptocurrency platforms currently utilize Proof of Work as the consensus mechanism. However, this includes a high energy cost in the form of repeated hash computations to keep the blockchain tamper-proof. The proposed work combines the idea of Useful Work and Proof of Stake, where blockchain nodes train machine learning models submitted by users and earn Work Stake Tokens on successful completion, which can be used as stake in the Proof of Stake algorithm. Proof of Solution efficiently utilizes the vast computational resources of miners to perform useful work. The combined approach reduces redundant model training via multiple nodes by half, improving on the drawback of Proof of Useful Work.