Proof of Useful Work Based on Matrix Computation

Due to the inherently wasteful nature of traditional proof of work mechanisms in blockchain networks, researchers are motivated to find alternatives that can make use of the computational power expended in the process. There are a number of such applications, however most of them target very specific problems, and few are proven to work in practice. This paper presents a proof of work mechanism based on matrix computation, serving a much wider range of applications while serving as the consensus mechanism of a blockchain network. I will cover the current research in the proof of useful work area, and focus on Proof of eXercise (PoX), another mechanism based on matrix computation. Proof of Computation (PoC), the consensus mechanism described in this paper, is a redesigned version of PoX. The mechanism is backed by a series of experiments that confirm the functionality of the protocol.