Proof-of-stake longest chain protocols: security vs predicability
Wang, Xuechao
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https://hdl.handle.net/2142/109360
Description
Title
Proof-of-stake longest chain protocols: security vs predicability
Author(s)
Wang, Xuechao
Issue Date
2020-11-16
Director of Research (if dissertation) or Advisor (if thesis)
Viswanath, Pramod
Department of Study
Electrical & Computer Eng
Discipline
Electrical & Computer Engr
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Keyword(s)
Blockchain
Proof-of-stake
Abstract
The Nakamoto longest chain protocol is remarkably simple and has been proven to provide security against any adversary with less than 50% of the total hashing power. Proof-of-stake (PoS) protocols are an energy-efficient alternative; however existing protocols adopting Nakamoto’s longest chain design achieve provable security only by allowing long-term predictability, subjecting the system to serious bribery attacks. In this thesis, we prove that a natural longest chain PoS protocol with predictability similar to that of Nakamoto’s PoW protocol can achieve security against any adversary with less than 1/(1 +e) fraction of the total stake. Moreover, we propose a new family of longest chain PoS protocols that achieve security against a 50% adversary, while only requiring short-term predictability. Our proofs present a new approach to analyzing the formal security of blockchains, based on a notion of Nakamoto block.
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