A Reward Based-Approach to Secure Blockchain Mining Pools from Selfish Miners
Kondisetty Sai Venkata Kowshik1, Amanolla Harish Reddy2, Vankadara Naga Nikhil3, Judy Flavia4
1Kondisetty Sai Venkata Kowshik*, Department of Computer-Science and Engineering, SRM Institute of Science and Technology, Chennai (Tamil Nadu), India.
2Amanolla Harish Reddy, Department of Computer-Science and Engineering, SRM Institute of Science and Technology, Chennai (Tamil Nadu), India.
3Vankadara Naga Nikhil, Department of Computer-Science and Engineering, SRM Institute of Science and Technology, Chennai (Tamil Nadu), India.
4Judy Flavia, Department of Computer-Science and Engineering, SRM Institute of Science and Technology, Chennai (Tamil Nadu), India.
Manuscript received on 10 April 2021 | Revised Manuscript received on 20 April 2021 | Manuscript Accepted on 15 May 2021 | Manuscript published on 30 May 2021 | PP: 3-5 | Volume-1 Issue-1, May 2021 | Retrieval Number: 100.1/ijcns.A1403111121
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: People who create new blocks and process transactions on decentralized blockchain systems like Bitcoin, Ethereum etc., are known as miners. They are rewarded for processing the transactions and creating new blocks. Mining in blockchains requires high computation power. Mining is a resource intrinsic process and is associated with high operating costs. To overcome high operating costs, many miners across the world pool in their resources to process blocks in blockchain, the reward obtained from mining is shared among the miners based on their share of work and resource pooled into the common pool.
Keywords: They Are Rewarded For Processing The Transactions And Creating New Blocks.