Biblio

Modern computing devices use classical algorithms such as Rivest Shamir Adleman (RSA) and Elliptic Curve Digital Signature Algorithm (ECDSA) for their security. The securities of these algorithms relied on the problem and difficulty of integer factorization and also calculating the Discrete Logarithm Problems. With the introduction of quantum computers, recent research is focusing on developing alternative algorithms which are supposed to withstand attacks from quantum computers. One of such alternatives is the Hash-based Digital Signature Schemes. Chosen hash-based signature schemes over classical algorithms is because their security is on the hash function used and that they are metaheuristic in nature. This research work presents basic analysis and the background understanding of Stateful Hash-based Signature Schemes, particularly the Lamport One-Time Signature Scheme, Winternitz One-Time Signature Scheme, and the Merkle Signature Scheme. The three schemes selected are stateful, hence has common features and are few-time hash-based signature schemes. The selected Stateful Hash-based Digital Signature Schemes were analyzed based on their respective key generation, signature generation, signature verification, and their security levels. Practical working examples were given for better understanding. With the analyses, Merkle Signature Scheme proves to be the best candidate to be used in the Bitcoin Proof of Work protocol because of its security and its advantage of signing many messages.

The underlying or core technology of Bitcoin cryptocurrency has become a blessing for human being in this era. Everything is gradually changing to digitization in this today's epoch. Bitcoin creates virtual money using Blockchain that's become popular over the world. Blockchain is a shared public ledger, and it includes all transactions which are confirmed. It is almost impossible to crack the hidden information in the blocks of the Blockchain. However, there are certain security and technical challenges like scalability, privacy leakage, selfish mining, etc. which hampers the wide application of Blockchain. In this paper, we briefly discuss this emerging technology namely Blockchain. In addition, we extrapolate in-depth insight on Blockchain technology.

A blockchain is a distributed ledger forming a distributed consensus on a history of transactions, and is the underlying technology for the Bitcoin cryptocurrency. However, its applications are far beyond the financial sector. The transaction verification process for cryptocurrencies is much slower than traditional digital transaction systems. One approach to increase transaction speed and scalability is to identify a solution that offers faster Proof of Work. In this paper, we propose a method for accelerating the process of Proof of Work based on parallel mining rather than solo mining. The goal is to ensure that no more than two or more miners put the same effort into solving a specific block. The proposed method includes a process for selection of a manager, distribution of work and a reward system. This method has been implemented in a test environment that contains all the characteristics needed to perform Proof of Work for Bitcoin and has been tested, using a variety of case scenarios, by varying the difficulty level and number of validators. Preliminary results show improvement in the scalability of Proof of Work up to 34% compared to the current system.