ASIC-resistant hash functions

Abstract

At present, the use of application-specific integrated circuit (ASIC) in electronic payment systems (EPS) based on cryptocurrencies gives a decisive advantage in mining. In the future, this can lead to the fact that the computing power of the network will be concentrated in the hands of a limited number of participants that contradicts the ideas of Bitcoin's creators about a distributed electronic payment system. This article describes one of the solutions to this problem, namely the use of ASIC-resistant hash functions in the proof-of-work system, which will help make EPS more distributed and, accordingly, more stable. The purpose of the study is to analyze ASIC-resistant hash functions. Modified algorithms of the proof-of-work mechanism are proposed.