The Performance Comparison between PoSpace and PoW

Abstract

The consensus algorithm of Bitcoin, namely proof-of-work (PoW), has been criticized for its high energy consumption and centralization of mining power. PoW needs a lot of processing power to execute cryptographic problems and verify network transactions. In contrast, Chia's consensus mechanism is based on proofs-of-space (PoSpace), which utilizes disk space rather than computing power. PoSpace involves generating a large amount of verifiable storage space on the network and requires less energy consumption than PoW. This paper presents a comparative analysis of the algorithms used by Bitcoin, Ethereum, and Chia. The paper simulates the PoW and PoSpace processes by Java and compares both mechanisms' memory, CPU usage, and time consumption using VisualVM. The experiment results show that PoSpace costs less space and time resources than PoW. The former is more energy-efficient and decentralized.