New paper on Proof of Usable Work

This innovative approach is designed to enhance distributed industrial-scale digital twin replication, diagnostics, and repair across key sectors such as automobile, aerospace, and consumer electronics. The goal is to achieve an initial throughput of over 1000 transactions per second (TPS), presenting a more profitable and practical industry use case compared to the mass AI inference of large language models (LLMs). The domain twinstor.xyz has been secured for this purpose, with an open invitation for collaboration and suggestions on advancing the project. The whitepaper detailing the Twinstor Blockchain can be accessed for further information at this link.

A significant development in blockchain technology is highlighted in a new paper, which proposes a method to utilize global computational power dedicated to matrix multiplication for mining a new blockchain coin. This approach could potentially rival Bitcoin by overcoming the limitations related to the size of matrix multiplications and providing a verifiable measure of computing effort, gauged in Floating Point Operations per Second (FLOPs). The researchers suggest a shift towards a more efficient and secure way to maintain decentralized Proof of Work (PoW) consensus without the traditionally associated high energy costs. They challenge the notion that a PoW blockchain's security must be tied to its operational costs or inefficiency.

The paper introduces the concept of non-repurposeability as central to ensuring network security within the proposed PoUW model. It posits that any attempt to attack the network would devalue the currency to such a degree that it negates any potential gains from the attack, ensuring miners are incentivized to support the network. This represents a departure from the model where computational efforts are solely dedicated to blockchain maintenance. Instead, the PoUW model allows these efforts to be directed towards productive tasks outside the blockchain, aligning economic incentives to deter attacks on the network.

Furthermore, the paper suggests a revolutionary change in how blockchains secure themselves by proposing that network security can be maintained if the cost of contributing sufficient computational power to solve cryptographic puzzles exceeds the potential rewards from undermining the network. This model inverses the traditional relationship between hashrate and price seen in Bitcoin, regulating the value transferred over time to prevent double-spending attacks. Additionally, it introduces a novel approach to coin issuance, directly linking it to the amount of matrix multiplication FLOPs contributed to the network, thereby aligning the creation of value with the provision of useful computational work. This marks a significant departure from Bitcoin’s fixed supply model and presents a sustainable alternative to current cryptocurrency mining paradigms.