Good tidings friends,

I'm posting this Proof-of-Work evaluation-draft on behalf of my colleague Fabien Coelho. My motive is to inspire further improvements to the design in the hopes it will materialize into a new standard for egalitarian computing. We plan on implementing a proof of concept for the new hash in a future research project codenamed Moneda.

http://docdro.id/GYEk2YB

The concept originated in 2007 with his work, "An (Almost) Constant-Effort Solution-Verification Proof-of-Work Protocol Based on Merkle Trees" - (http://www.hashcash.org/papers/merkle-proof.pdf) then was reignited by Biryukov et al. of Equihash and Argon2 fame with their recent work on "Egalitarian computing - Merkle Tree Proof" - (https://www.usenix.org/system/files/conference/usenixsecurity16/sec16_paper_biryukov.pdf).

The report started out as an evaluation of the latter then morphed into the "Itsuku" proposal outlined in section 4.3. The beauty of MTP is that the miner allocates memory but not the verifier. However, the trade-off for that is the size of the proof. Our hope is further peer review will result in smaller, more efficient proofs.

To my knowledge, mrb is the only other bitcointalk member that has contributed to the concept. We're hoping to expand this pool to the rest of the technical community here.
http://blog.zorinaq.com/attacks-on-mtp/

We're open to any and all criticism.

Thanks in advance!