A Bandwidth Based "Proof of Work"
This project aims to describe a private, encrypted, peer to peer, network that rewards users with a unique cryptocurrency for ensuring the network is secure and expending the bandwidth to keep the network going.
Team Members: Alishan Hassan
So, ultimately, what I’m doing for this project is examining existing anonymous communication systems and seeing if there’s a way to implement a cryptocurrency on top of it. There’s a very good chance this won’t work, but that’s what I’m going to find out. I will produce a short paper with my concept and findings.
How can we use an alternative proof of work that produces something useful, like protein folding? Well, we can’t. That reduces bitcoin’s security, and wasting energy is kind of intrinsic to bitcoin. So, can we expend something besides energy to produce cryptocurrencies? Perhaps storage or bandwidth? Well, let’s consider bandwidth. How can we use it? Let’s consider making a private, encrypted, peer to peer network. This network transmits data packets through every node in the network, and the intended recipient can decrypt a received message and take whatever is intended for him/her. The combination of encrypting these packets in the first place as well as the bandwidth used to run this network will, also, generate a cryptocurrency, effectively as a reward for ensuring that the network is secure.