Time-Memory Tradeoff Attacks on the MTP Proof-of-Work Scheme

Proof-of-work (PoW) schemes are cryptographic primitives with numerous applications, and in particular, they play a crucial role in maintaining consensus in cryptocurrency networks. Ideally, a cryptocurrency PoW scheme should have several desired properties, including efficient verification on one hand, and high memory consumption of the prover’s algorithm on the other hand, making the scheme less attractive for implementation on dedicated hardware.