Blockchain, since its inception in 2009, has fuelled up innovation over a wide spectrum of applications that have beget from the technology and have harvested it manifolds in arenas such as smart contracts, digital currency, decentralised record keeping, securities in terms of crowdfunding and escrow. Bitcoin, the first brainchild of the Blockchain has been fine-tuned furthermore by the impending inflow of the many consensus algorithms that are being introduced by the many researchers, with the intent of making spectacular the impact of the technology, keeping in mind the network parameters, efficiency of the blockchain and optimization in the deployment of a decentralised application over the internet. This paper aims at introducing a novel qualitative framework of consensus algorithm called the Proof of Longevity (PoL), that would improvise the current blockchain in a way so as to rule out adversaries in terms of Node Identity management, computation energy and cost saving and strategize the double spending and selfish mining problems in the real world and to catalyse the blockchain network to its zenith.

Blockchain, Bitcoin Mining, Consensus Algorithms, Smart Contracts, Distributed cryptocurrency

[1]. Abigail Christina Fernandez and Dr. R. Thamarai Selvi, “A Comprehensive Overview of the Constructive Minutiae of the Bitcoin - Blockchain”, IOSR Journal of Engineering (IOSRJEN), vol. 09, no. 08, 2019, pp. 69-77
[2]. Andrychowicz, M., & Dziembowski, S. (2014). Distributed Cryptography Based on the Proofs of Work. IACR Cryptology ePrint Archive, 2014, 796.
[3]. Bach, L. M., Mihaljevic, B., & Zagar, M. (2018, May). Comparative analysis of blockchain consensus algorithms. In 2018 41st International Convention on Information and Communication Technology, Electronics and Microelectr onics (MIPRO) (pp. 1545-1550). IEEE.
[4]. Bentov, I., Gabizon, A., & Mizrahi, A. Cryptocurrencies without proof of work. In International Conference on Financial Cryptography and Data Security, 2016, February, pp. 142-157, Springer, Berlin, Heidelberg.
[5]. Daniel, F., & Guida, L. A service-oriented perspective on blockchain smart contracts. IEEE Internet Computing, 2019, 23(1), pp. 46-53.
[6]. Eyal, I., Gencer, A. E., Sirer, E. G., & Van Renesse, R. Bitcoin-ng: A scalable blockchain protocol. In 13th (USENIX) Symposium on Networked Systems Design and Implementation (NSDI), 2016, pp. 45-59.
[7]. Gervais, A., Karame, G. O., Wüst, K., Glykantzis, V., Ritzdorf, H., & Capkun, S., On the security and performance of proof of work blockchains. In Proceedings of the 2016 ACM SIGSAC conference on computer and communications security, 2016, October pp. 3-16.
[8]. Schrijvers, O., Bonneau, J., Boneh, D, & Roughgarden, T, Incentive compatibility of bitcoin mining pool reward functions. In International Conference on Financial Cryptography and Data Security, 2016, February, pp. 477-498. Springer, Berlin, Heidelberg.
[9]. Wang, W., Hoang, D. T., Hu, P., Xiong, Z., Niyato, D., Wang, P., ... & Kim, D. I.. A survey on consensus mechanisms and mining strategy management in blockchain networks. 2019,IEEE Access, 7, 22328-22370.
[10]. Zheng, Z., Xie, S., Dai, H. N., Chen, X., & Wang, H., Blockchain challenges and opportunities: A survey. International Journal of Web and Grid Services, 2018, 14(4), pp. 352-375.
[11]. Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE International Congress on Big Data (BigData Congress), 2017, pp. 557-564.
[12]. Divyakant Meva, “Issues and Challenges with Blockchain: A Survey”, in the International Journal of Computer Science and Engineering, 2018, Vol.-6, Issue-12, E-ISSN: 2347-2693.