Enhanced Bitcoin Protocol with Effective Block Creation and Verification by Trusted Miners

Abstract

The Distributed nature of Bitcoin introduces security issues that necessitate security-specific enhancements in Bitcoin protocol. Therefore, proposing a method of incorporating criteria check and verification process for miners to participate in the mining process and join the mining pool respectively. The proposed idea mitigates double spending, block withholding, and 51 percentage attacks. In addition, an increase in the rate of Bitcoin users necessitates performance improvement. Hence,proposing an effective approach of refining the existing block creation and verification strategy for improving transaction rate without compromising security.

Keywords

• anonymity
• decentralization
• double spending; block withholding
• 51% attack
• transaction rate
• memory pool
• block