Browsing by Author "Monem, Maruf"

Now showing 1 - 2 of 2

A sustainable Bitcoin architecture
(BRAC University, 2022-04) Monem, Maruf; Alam, Md. Golam Rabiul
Cryptocurrencies are the new form of trade that has revolutionized how we look into our financial institutions. Bitcoin dominates the industry with the highest market share among the hundreds of other cryptocurrencies. However, high energy consumption leading to increasing carbon emission, prioritizing high-value transactions, and long waiting times are some of the flaws preventing it from reaching its full potential. Due to the block rewards getting halved every four years, miners and researchers are fearful that this would be the breaking point of Bitcoin’s success. One of the ways to tackle and hopefully reduce this problem while bringing wider adaptability is by ensuring faster transactions. Currently, Bitcoin has an average block size of 1MB, which many researchers and enthusiasts believe is insufficient. To tackle these limitations, we have proposed two different ideas. Our first concept proposes an industry 4.0 compliant next-generation Bitcoin architecture by introducing a dynamic and sustainable block concept. Using our improved knapsack algorithm, a priority-based 0/1 knapsack and advanced priority-based 0/1 knapsack, we can ensure a balanced transaction selection, quicker verification, higher transaction throughput, reduced carbon emission, and increased earnings for the miners. Moreover, with the addition of only one of our proposed sustainable blocks, we can cut down verification times by 50% and increase throughput by 2.56 times. We can also reduce carbon emissions per transaction by 62.318%, which would help reduce Bitcoins’ large carbon footprint, enabling us to approach greener digital transactions. In the second concept, we further try to improve the block sizes using the help of machine learning and artificial intelligence. Our proposed model analyzes the network’s activity, such as incoming transaction frequency and other aspects, to adjust block sizes. The model can predict block sizes with 61.12% accuracy, and we can see a positive change in the amount of fees earned by miners (9.3%), transaction count and transaction per second (66.75%). With the help of our model, Bitcoin would be able to dynamically change the block size based on the transaction activity, resulting in shorter wait times, thus increasing wider adaptability and sustainability.
Efficient blockchain system based on proof of segmented work
(BRAC University, 2019-12) Ahmed, Rashad; Ahmad, Alif; Monem, Maruf; Jumana; Arif, Hossain
The use of Blockchain in Cryptocurrency introduces a technology that acts as an unswervingly growing ledger with the capability to keep an everlasting record of all the transactions that have taken place, in a secure chronological and immutable system. It removes dependency on central financial service providers such as banks, essentially removing the middle-man from the transaction. Bitcoin is one of the biggest users in blockchain and holds the highest share in the cryptocurrency market. However, bitcoin has three major problems which are excessive power consumption, confirmation time and fair reward distribution. Hence, we are proposing a system where we have tried to reduce energy consumption by limiting the participation of all the nodes in the network and worked on increasing the propagation speed in the network. Finally, we have put a lot of emphasis on the concept of fair reward distribution which is not considered in most cryptocurrencies. Apart from this, we tried to prove our systems efficiency by comparing the energy consumption with the two most used crypto currencies Bitcoin and Ethereum mathematically. And have reached the conclusion, that our proposed system shall reduce energy consumption by about 80.0% and 46.68% when compared with Bitcoin and Ethereum if each node in our network consumed the equivalent energy as an average node in the bitcoin network, on the otherhand, 92.41% and 79.76% if each node in our network consumed the equivalent energy as an average node in the ethereum network.