2,474 research outputs found
Coin.AI: A Proof-of-Useful-Work Scheme for Blockchain-based Distributed Deep Learning
One decade ago, Bitcoin was introduced, becoming the first cryptocurrency and
establishing the concept of "blockchain" as a distributed ledger. As of today,
there are many different implementations of cryptocurrencies working over a
blockchain, with different approaches and philosophies. However, many of them
share one common feature: they require proof-of-work to support the generation
of blocks (mining) and, eventually, the generation of money. This proof-of-work
scheme often consists in the resolution of a cryptography problem, most
commonly breaking a hash value, which can only be achieved through brute-force.
The main drawback of proof-of-work is that it requires ridiculously large
amounts of energy which do not have any useful outcome beyond supporting the
currency. In this paper, we present a theoretical proposal that introduces a
proof-of-useful-work scheme to support a cryptocurrency running over a
blockchain, which we named Coin.AI. In this system, the mining scheme requires
training deep learning models, and a block is only mined when the performance
of such model exceeds a threshold. The distributed system allows for nodes to
verify the models delivered by miners in an easy way (certainly much more
efficiently than the mining process itself), determining when a block is to be
generated. Additionally, this paper presents a proof-of-storage scheme for
rewarding users that provide storage for the deep learning models, as well as a
theoretical dissertation on how the mechanics of the system could be
articulated with the ultimate goal of democratizing access to artificial
intelligence.Comment: 17 pages, 5 figure
Sustainable Development Report: Blockchain, the Web3 & the SDGs
This is an output paper of the applied research that was conducted between July 2018 - October 2019 funded by the Austrian Development Agency (ADA) and conducted by the Research Institute for Cryptoeconomics at the Vienna University of Economics and Business and RCE Vienna (Regional Centre of Expertise on Education for Sustainable Development).Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc
Centrally Banked Cryptocurrencies
Current cryptocurrencies, starting with Bitcoin, build a decentralized
blockchain-based transaction ledger, maintained through proofs-of-work that
also generate a monetary supply. Such decentralization has benefits, such as
independence from national political control, but also significant limitations
in terms of scalability and computational cost. We introduce RSCoin, a
cryptocurrency framework in which central banks maintain complete control over
the monetary supply, but rely on a distributed set of authorities, or
mintettes, to prevent double-spending. While monetary policy is centralized,
RSCoin still provides strong transparency and auditability guarantees. We
demonstrate, both theoretically and experimentally, the benefits of a modest
degree of centralization, such as the elimination of wasteful hashing and a
scalable system for avoiding double-spending attacks.Comment: 15 pages, 4 figures, 2 tables in Proceedings of NDSS 201
Sustainable Development Report: Blockchain, the Web3 & the SDGs
This is an output paper of the applied research that was conducted between July 2018 - October 2019 funded by the Austrian Development Agency (ADA) and conducted by the Research Institute for Cryptoeconomics at the Vienna University of Economics and Business and RCE Vienna (Regional Centre of Expertise on Education for Sustainable Development).Series: Working Paper Series / Institute for Cryptoeconomics / Interdisciplinary Researc
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