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Title: GreenCoin: A Renewable Energy-Aware Cryptocurrency
In this paper, we propose GreenCoin – an energy-efficient cryptocurrency system with mining protocols designed to favor locations with relatively higher availability of renewable energy. Traditionally, crypto coin mining involves solving complex mathematical problems by high-end computing devices consuming an enormous amount of electricity, thus adversely affecting net carbon emissions. To reduce cost and emissions, GreenCoin uses a modified proof of stake (PoS) consensus algorithm, which itself is more energy efficient compared to other state-of-the-art methods. Our modified PoS algorithm, called Green PoS (GPoS), allows GreenCoin to favor nodes (with reward and privilege) located in regions with higher availability of renewable energy. We present a detailed system architecture of GreenCoin and explain the operating method of GPoS. We also provide results from empirical studies demonstrating the renewable energy-aware approach of GreenCoin.  more » « less
Award ID(s):
2107101
NSF-PAR ID:
10535081
Author(s) / Creator(s):
; ; ; ;
Publisher / Repository:
IEEE
Date Published:
ISBN:
979-8-3503-4394-6
Page Range / eLocation ID:
70 to 80
Subject(s) / Keyword(s):
renewable energy blockchain cryptocurrency
Format(s):
Medium: X
Location:
Boston, MA, USA
Sponsoring Org:
National Science Foundation
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