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Chapter 3 LITERATURE REVIEW Bitcoin cryptocurrency has been an international sensation. In recent years, there has been a massive interest of people towards Bitcoin cryptocurrency. Several people have started Bitcoin mining as their business and many other companies have started using Bitcoin as a payment method. Since it has been only a few years that Bitcoin was created; there are still lots of research being done on Bitcoin cryptocurrency. As of now, there are a few research papers dealing about different aspects of Bitcoin such as its mining, its security and several attacks on mining pool. Satoshi Nakamoto [2] mentioned every aspect of Bitcoin protocol on his white paper that was released in 2009 AD. The Bitcoin to be the first digital cryptocurrency, but the concept of cryptocurrency and the cryptographic algorithms lying behind it was proposed earlier by David Chaum in his paper in 1983 [22]. The consensus algorithm in Bitcoin is Proof of Work and the idea behind it was originally proposed by Cynthia Dwork and Moni Naor on their paper in 1992 [23]. Decentralization in Bitcoin is achieved by using the concept of blockchain which helps to solve the double spending problem in Bitcoin [24]. Many cryptocurrencies came into existence after Bitcoin was proposed. Most of them follow Proof of work as the consensus algorithm for solving a complex puzzle. However, Proof of Work algorithm is not the only one which is used in cryptocurrencies. Several consensus algorithms like Proof of stake, Proof of activity, Proof of capacity, Proof of Burn were proposed for other cryptocurrencies. Proof of work consensus algorithm has a major drawback that it takes massive energy. Proceeding to that, later came out with another consensus algorithm called as Proof of Stake [25]. This algorithm was introduced to eliminate the high electricity consumption. Cryptocurrencies like Peercoin, Dash, Cardano, KuCoin, etc. use Proof of Stake as the consensus algorithm. However, in 2014, a paper entitled “On Stake and Consensus” written by 31PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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