Proof of Continuous Work for Reliable Data Storage Over Permissionless Blockchain
Hao Yin, Zijian Zhang, Jialing He, Liran Ma, Liehuang Zhu, Meng Li, Bakh Khoussainov
Abstract
Bitcoin first proposed the Nakamoto consensus that applies proof of work into the blockchain structure to build a trustless append-only ledger. The Nakamoto consensus solves the distributed consistency problem in the public network but wastes too much computing power. Instead of consuming computing resources, many improved consensus schemes address this problem by leveraging miners’ storage resources. However, these schemes fail to let miners store data constantly and usually rely on a dealer to assign data, which is hard to build a reliable decentralized storage system. In this article, we first design a variant consensus algorithm named Proof of Continuous Work (PoCW) with a storage-related incentive mechanism. Miners can accumulate mining advantage by continuously submitting proofs of storage. Then, we present a hash ring-based data allocation algorithm using the blockchain’s state. Combined with both of them, we build a reliable blockchain-based storage system without relying on any third parties. The theoretical analysis and simulation results demonstrate that the proposed system has higher reliability than those existing systems, and we also give practical suggestions about system parameters. Finally, we discuss additional benefits that our system brings.