Proof Of Historical Work

Summary:
A Hybrid system of Proof of History and Proof of Work. The "best" parts of both are used to give a distributed historical record of when work was completed in a Proof of Work system.
Published: 5/24/2021
Update:
Author: Drael64, GiverofMemory
Maintainer: GiverofMemory
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License: Site License
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Introduction

Proof of Historical Work (PoHW) is a Proof of Work (PoW) consensus method for cryptocurrencies that includes a distributed Proof of History (PoH) ledger for all work done. In essence, instead of miners working on their own and only broadcasting (timestamping) a solution, miners would be broadcasting (timestamping) all the work they do, as they do it.

Why PoHW and not just PoW?

One of PoW's most interesting functions is serving as a cryptographic decentralized clock. Referencing such clock times (blockhashes) in another cryptographic hash gives you proof that something was done no earlier than when that blockhash was created on the network. In fact, our blockchainless Digital Collectible Network CollectBit uses a donor blockchain in order to keep time. However about the fastest a PoW blockchain can provide timestamps currently is 15 seconds. In the best case scenario this can never be much faster than 1.5 seconds (tick rate) since the speed of light is 0.15 seconds and a blockchain needs 10 times that relay time in order to work on a PoW solution to maintain under a roughly 10% orphan rate. With PoHW, we broadcast all work done, as it is done, not just the solution to a block. This allows for our minimum tick rate to be around the ping of the network itself, around 200ms currently. So this increases the "tick rate" of our network by about 10-100x.

Implications for the Blockchain

So that is great that we can now use a blockchain as a clock with a couple of orders of magnitude faster tick rate. But what does this mean for the blockchain itself, and the cryptocurrency function?

Orphans

Speed and Scaling

51% attack

Proof of History web



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