P Coin: High Speed Cryptocurrency Based on Random-Checkers Proof of Stake
Thawatchai Chomsiri, Kan Kongsup · 2018
Various types of cryptocurrency e.g. BitCoin, Ethereum, Zcash, and more, are broadly accepted and used in many different forms of business but a typical problem that the cryptocurrency users are faced with is the delay of coin transfer. For example, it takes several hours for BitCoin and several minutes for Ethereum. These cryptocurrencies also consume a high quantity of electricity for transaction validation. Even though there currently is a type of cryptocurrencies, Ripple, that can be quickly transferred in 4 seconds but still it is a closed system with an owner, not a public cryptocurrency. Similarly, an algorithm "Proof of Stake" used by new coins that are more energy-saving but several problems are still found including (1) 51% attack, (2) a richer with more coins gains higher rewards, and (3) a problematic node for block validation that is not currently active. This research presents a model of an open cryptocurrency system that is able to transfer a coin within 3 seconds in which an algorithm called "Random-Checkers Proof of Stake" (RCPoS) was proposed to randomly select the inspectors for validation processes which can avoid those three problems of the Proof of Stake.