Rethinking Cryptocurrencies for Resource-Constrained Networks Topic Area: Network Science
Abstract
Cryptocurrencies are distributed systems that track global state via an append-only ledger called a blockchain. Blockchains use cryptographic primitives to enforce a critical property: computationally-bounded bad actors should be unable to tamper with past entries. This makes blockchains a good option for maintaining authoritative records in a fully distributed, transparent manner. As such, they have attracted attention in a diverse set of domains including finance, healthcare, and the Internet of Things (IoT). However, existing blockchain algorithms are extremely intensive in terms of communication, computation, and storage, and they do not scale well to resource-constrained networks. The objective of this proposal is to conduct a first-principles cryptocurrency redesign that accounts for resource constraints at both the device and network levels. Cryptocurrencies are distributed systems that track global state via an append-only ledger called a blockchain. Blockchains use cryptographic primitives to enforce a critical property: computationally-bounded bad actors should be unable to tamper with past entries. This makes blockchains a good option for maintaining authoritative records in a fully distributed, transparent manner. As such, they have attracted attention in a diverse set of domains including finance, healthcare, and the Internet of Things (IoT). However, existing blockchain algorithms are extremely intensive in terms of communication, computation, and storage, and they do not scale well to resource-constrained networks. The objective of this proposal is to conduct a first-principle cryptocurrency redesign that accounts for resource constraints at both the device and network levels.
Document Details
- Document Type
- DoD Grant Award
- Publication Date
- Feb 14, 2019
- Source ID
- W911NF1810332
Entities
People
- Pramod Viswanath
Organizations
- Army Contracting Command
- United States Army
- University of Illinois Urbana–Champaign