A cognitive dynamics framework for practical blockchain applications

Abstract

Blockchain technology has gained notoriety as the foundation for cryptocurrencies like Bitcoin. However, its possibilities go well beyond that, enabling the deployment of new applications that were not previously feasible as well as enormous improvements to already existing technological applications. Several factors impacting the consensus mechanism must fall within a specific range for a blockchain network to be efficient, sustainable and secure. The long-term sustainability of current networks, like Bitcoin, is in jeopardy due to their relatively uncompromising reconfiguration, which tends to be inflexible, and somewhat independent of environmental circumstances. To provide a systematic methodology for integrating a sustainable and secure adaptive framework, we propose the amalgamation of cognitive dynamic systems theory with blockchain technology, specifically regarding variant network difficulty. A respective architecture was designed with the employment of Long-Short Term Memory (LSTM) to control the difficulty of a network with Proof-of-Work Consensus.