---
_id: '6941'
abstract:
- lang: eng
  text: "Bitcoin has become the most successful cryptocurrency ever deployed, and
    its most distinctive feature is that it is decentralized. Its underlying protocol
    (Nakamoto consensus) achieves this by using proof of work, which has the drawback
    that it causes the consumption of vast amounts of energy to maintain the ledger.
    Moreover, Bitcoin mining dynamics have become less distributed over time.\r\n\r\nTowards
    addressing these issues, we propose SpaceMint, a cryptocurrency based on proofs
    of space instead of proofs of work. Miners in SpaceMint dedicate disk space rather
    than computation. We argue that SpaceMint’s design solves or alleviates several
    of Bitcoin’s issues: most notably, its large energy consumption. SpaceMint also
    rewards smaller miners fairly according to their contribution to the network,
    thus incentivizing more distributed participation.\r\n\r\nThis paper adapts proof
    of space to enable its use in cryptocurrency, studies the attacks that can arise
    against a Bitcoin-like blockchain that uses proof of space, and proposes a new
    blockchain format and transaction types to address these attacks. Our prototype
    shows that initializing 1 TB for mining takes about a day (a one-off setup cost),
    and miners spend on average just a fraction of a second per block mined. Finally,
    we provide a game-theoretic analysis modeling SpaceMint as an extensive game (the
    canonical game-theoretic notion for games that take place over time) and show
    that this stylized game satisfies a strong equilibrium notion, thereby arguing
    for SpaceMint ’s stability and consensus."
alternative_title:
- LNCS
article_processing_charge: No
author:
- first_name: Sunoo
  full_name: Park, Sunoo
  last_name: Park
- first_name: Albert
  full_name: Kwon, Albert
  last_name: Kwon
- first_name: Georg
  full_name: Fuchsbauer, Georg
  id: 46B4C3EE-F248-11E8-B48F-1D18A9856A87
  last_name: Fuchsbauer
- first_name: Peter
  full_name: Gazi, Peter
  id: 3E0BFE38-F248-11E8-B48F-1D18A9856A87
  last_name: Gazi
- first_name: Joel F
  full_name: Alwen, Joel F
  id: 2A8DFA8C-F248-11E8-B48F-1D18A9856A87
  last_name: Alwen
- first_name: Krzysztof Z
  full_name: Pietrzak, Krzysztof Z
  id: 3E04A7AA-F248-11E8-B48F-1D18A9856A87
  last_name: Pietrzak
  orcid: 0000-0002-9139-1654
citation:
  ama: 'Park S, Kwon A, Fuchsbauer G, Gazi P, Alwen JF, Pietrzak KZ. SpaceMint: A
    cryptocurrency based on proofs of space. In: <i>22nd International Conference
    on Financial Cryptography and Data Security</i>. Vol 10957. Springer Nature; 2018:480-499.
    doi:<a href="https://doi.org/10.1007/978-3-662-58387-6_26">10.1007/978-3-662-58387-6_26</a>'
  apa: 'Park, S., Kwon, A., Fuchsbauer, G., Gazi, P., Alwen, J. F., &#38; Pietrzak,
    K. Z. (2018). SpaceMint: A cryptocurrency based on proofs of space. In <i>22nd
    International Conference on Financial Cryptography and Data Security</i> (Vol.
    10957, pp. 480–499). Nieuwpoort, Curacao: Springer Nature. <a href="https://doi.org/10.1007/978-3-662-58387-6_26">https://doi.org/10.1007/978-3-662-58387-6_26</a>'
  chicago: 'Park, Sunoo, Albert Kwon, Georg Fuchsbauer, Peter Gazi, Joel F Alwen,
    and Krzysztof Z Pietrzak. “SpaceMint: A Cryptocurrency Based on Proofs of Space.”
    In <i>22nd International Conference on Financial Cryptography and Data Security</i>,
    10957:480–99. Springer Nature, 2018. <a href="https://doi.org/10.1007/978-3-662-58387-6_26">https://doi.org/10.1007/978-3-662-58387-6_26</a>.'
  ieee: 'S. Park, A. Kwon, G. Fuchsbauer, P. Gazi, J. F. Alwen, and K. Z. Pietrzak,
    “SpaceMint: A cryptocurrency based on proofs of space,” in <i>22nd International
    Conference on Financial Cryptography and Data Security</i>, Nieuwpoort, Curacao,
    2018, vol. 10957, pp. 480–499.'
  ista: 'Park S, Kwon A, Fuchsbauer G, Gazi P, Alwen JF, Pietrzak KZ. 2018. SpaceMint:
    A cryptocurrency based on proofs of space. 22nd International Conference on Financial
    Cryptography and Data Security. FC: Financial Cryptography and Data Security,
    LNCS, vol. 10957, 480–499.'
  mla: 'Park, Sunoo, et al. “SpaceMint: A Cryptocurrency Based on Proofs of Space.”
    <i>22nd International Conference on Financial Cryptography and Data Security</i>,
    vol. 10957, Springer Nature, 2018, pp. 480–99, doi:<a href="https://doi.org/10.1007/978-3-662-58387-6_26">10.1007/978-3-662-58387-6_26</a>.'
  short: S. Park, A. Kwon, G. Fuchsbauer, P. Gazi, J.F. Alwen, K.Z. Pietrzak, in:,
    22nd International Conference on Financial Cryptography and Data Security, Springer
    Nature, 2018, pp. 480–499.
conference:
  end_date: 2018-03-02
  location: Nieuwpoort, Curacao
  name: 'FC: Financial Cryptography and Data Security'
  start_date: 2018-02-26
date_created: 2019-10-14T06:35:38Z
date_published: 2018-12-07T00:00:00Z
date_updated: 2023-09-19T15:02:13Z
day: '07'
department:
- _id: KrPi
doi: 10.1007/978-3-662-58387-6_26
ec_funded: 1
external_id:
  isi:
  - '000540656400026'
intvolume: '     10957'
isi: 1
language:
- iso: eng
main_file_link:
- open_access: '1'
  url: https://eprint.iacr.org/2015/528
month: '12'
oa: 1
oa_version: Submitted Version
page: 480-499
project:
- _id: 258AA5B2-B435-11E9-9278-68D0E5697425
  call_identifier: H2020
  grant_number: '682815'
  name: Teaching Old Crypto New Tricks
publication: 22nd International Conference on Financial Cryptography and Data Security
publication_identifier:
  eissn:
  - 1611-3349
  isbn:
  - '9783662583869'
  - '9783662583876'
  issn:
  - 0302-9743
publication_status: published
publisher: Springer Nature
quality_controlled: '1'
scopus_import: '1'
status: public
title: 'SpaceMint: A cryptocurrency based on proofs of space'
type: conference
user_id: c635000d-4b10-11ee-a964-aac5a93f6ac1
volume: 10957
year: '2018'
...