Abstract:
Cryptocurrencies, the price of which is tied to physical assets, are called stablecoins. This paper shows that for stablecoins, the use of a Proof-Of-Work consensus-building algorithm is impractical, because someone will have to pay for the hard work done to reach a consensus, and the amount of money in the system will decrease. This paper proposes a new consensus-building algorithm based on the lottery principle that can be used for stablecoins and for digital currencies of central banks.
Keywords:Cryptocurrencies, digital currencies of central banks, consensus building algorithms.