Proof-by-Location as a Socially Responsible Financial Infrastructure

【Author】 Patterson, Donald J.; Tomlinson, Bill

【Source】2022 IEEE 1ST GLOBAL EMERGING TECHNOLOGY BLOCKCHAIN FORUM: BLOCKCHAIN & BEYOND, IGETBLOCKCHAIN

【影响因子】

【Abstract】The Proof-of-Work algorithm that underlies Bitcoin and many other cryptocurrencies is well known for its energyintensive requirements. The Proof-of-Stake algorithm that underlies Ethereum2 and various other cryptocurrencies is less impactful environmentally, but it has a second, looming issue: the problem of wealth inequality. We have developed an alternative to Proof-of-Work and Proof-of-Stake, called Proof-by-Location, that has the potential to address both of these issues. This paper describes Proof-by-Location and a financial platform called Xylem that is based on it. This platform seeks to distribute transaction fees to billions of cryptocurrency "Notaries" around the world (essentially, anyone with a smartphone), who work together to establish a distributed consensus about financial transactions. Using Xylem as a global financial infrastructure could lead to significantly better social and environmental outcomes than existing financial platforms. [Patterson, Donald J.] Westmont Coll, Dept Comp Sci, Santa Barbara, CA USA; [Tomlinson, Bill] Univ Calif Irvine, Dept Informat, Irvine, CA USA University of California System; University of California Irvine Patterson, DJ (通讯作者)，Westmont Coll, Dept Comp Sci, Santa Barbara, CA USA. dpatterson@westmont.edu; wmt@uci.edu Tomlinson, Bill/0000-0002-8386-4730 23 0 0 0 0 IEEE NEW YORK 345 E 47TH ST, NEW YORK, NY 10017 USA 978-1-6654-5198-7 2022 10.1109/iGETblockchain56591.2022.10087087 http://dx.doi.org/10.1109/iGETblockchain56591.2022.10087087 6 Computer Science, Information Systems; Computer Science, Interdisciplinary Applications; Computer Science, Theory & Methods Conference Proceedings Citation Index - Science (CPCI-S) Computer Science BV1CH Green Submitted 2023-06-24 WOS:000984502600020

【Keywords】cryptocurrency; sustainability; wealth inequality; energy use

【发表时间】2022

【收录时间】2023-06-27

【文献类型】

【主题类别】

--