Proof of Bid as Alternative to Proof of Work

Proof of Work (PoW) protocol for cryptocurrency uses an excessive amount of electricity to secure the network. Many PoW coins do not have sufficient hashing power to secure itself. There are many alternatives to PoW, such as Proof of Stake (PoS), merge-mining etcetera, which uses much less electricity. However, these alternatives have some drawbacks either in terms of security, complexity, and scalability. In this paper, an alternative to Proof of Work (PoW) called "Proof of BID" (PoB) protocol introduced. PoB makes use of existing bitcoin PoW to secure all transactions, thus consuming virtually no electricity. PoB also addresses most of the drawbacks faced by PoW alternatives. We have disclosed a systematic method on how to effectively re-used bitcoin PoW to secure a blockchain with the same level of bitcoin security. A few designs issue to improve the blockchain scalability is given. We have explored various attack scenarios and suggested some remedies.