Richard Dennis and Gareth Owenson, University of Portsmouth, United Kingdom
This paper presents a novel consensus algorithm deployed within the Temtum cryptocurrency network. An overview of the proof of work consensus algorithm is presented, and gaps in the research are outlined. The Temtum consensus algorithm's unique components, including the Node Participation Document (NPD) and the use of the NIST randomness beacon, are outlined and explained. Comparisons on the cost to attack the consensus algorithm and energy consumption between the Temtum consensus algorithm and Bitcoin’s proof of work is presented and evaluated. We conclude this paper summarising the findings of the research and presenting future work to be conducted.
Blockchain, Peer-to-Peer Networks,Cryptocurrencies, Consensus, Byzantine Fault Tolerance.