Effective Scheme against 51% Attack on Proof-of-Work Blockchain with History Weighted Information

Abstract

Proof-of-Work (PoW) is a popular protocol used in Blockchain systems to resolve double-spending problems. However, if an attacker has access to calculation hash power greater than half of the total hash power, this attacker can create a double-spending attack or 51% attack. The cost of creating a 51% attack is surprisingly low if hash power is abundantly available. That posts a great threat to lots of PoW blockchains. We propose a technique to combine history weighted information of miners with the total calculation difficulty to alleviate the 51% attack problem. Analysis indicates that with the new technique, the cost of a traditional attack is increased by two orders of magnitude.