Efficient and scalable consensus algorithms for decentralised cryptocurrencies [SELF-FUNDED STUDENTS ONLY]

A decentralised cryptocurrency, such as Bitcoin invented by Satoshi Nakamoto, is a digital currency that can be transferred between users in a peer-to-peer manner without a centralised authority such as a Bank. Cryptocurrencies offer many potential benefits relative to traditional centralised fiat currencies such as the US dollar. This includes cheaper transaction costs relative to traditional payment channels, improved privacy and providing financial services to the 1.7 billion unbanked individuals in the world.

To achieve decentralisation, cryptocurrencies use a consensus algorithm to achieve consensus with respect to the ownership of the cryptocurrency in question. Many cryptocurrencies, including Bitcoin, use a consensus algorithm that is based on a proof-of-work (POW) algorithm. POW is computationally expensive, and this leads to more expensive transaction fees and environmental concerns. Consequently, developing more efficient and scalable solutions to consensus in decentralised and permissionless systems represents an important and impactful research problem. This project aims to develop novel solutions to this problem through the application of artificial intelligence (AI) and network science.

The deliverables from this project will be a system that is evaluated in simulation and on historical transaction data. This evaluation will aim to demonstrate that the proposed system achieves greater efficiency and scalability.

Keywords: cryptocurrency, consensus algorithm, scalability, blockchain.

Contact for information on the project: CorcoranP@cardiff.ac.uk

Academic criteria: A 2:1 Honours undergraduate degree or a master's degree, in computing, mathematics or a related subject. Applicants with appropriate professional experience are also considered.

Applicants for whom English is not their first language must demonstrate proficiency by obtaining an IELTS score of at least 6.5 overall, with a minimum of 6.0 in each skills component. 

How to apply:  

This project is accepting applications all year round, for self-funded candidates.

Please contact the supervisors of the project prior to submitting your application to discuss and develop an individual research proposal that builds on the information provided in this advert. Once you have developed the proposal with support from the supervisors, please submit your application following the instructions provided below.

Please submit your application via Computer Science and Informatics - Study - Cardiff University 

In order to be considered candidates must submit the following information:  

• Supporting statement  
• CV  
• In the ‘Research Proposal’ section of the application enter the name of the project you are applying to and upload your Individual research proposal, as mentioned above in BOLD 
• In the funding field of your application, please provide details of your funding source.  
• Qualification certificates and Transcripts 
• References x 2  
• Proof of English language (if applicable) 

Interview - If the application meets the entrance requirements, you will be invited to an interview.   

If you have any additional questions or need more information, please contact: COMSC-PGR@cardiff.ac.uk