PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake

  • Kiayias A
  • Russell A
  • David B
  • et al.
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Abstract

Cryptocurrencies, such as Bitcoin and 250 similar alt-coins, em-body at their core a blockchain protocol — a mechanism for a dis-tributed network of computational nodes to periodically agree on a set of new transactions. Designing a secure blockchain protocol relies on an open challenge in security, that of designing a highly-scalable agreement protocol open to manipulation by byzantine or arbitrarily malicious nodes. Bitcoin's blockchain agreement proto-col exhibits security, but does not scale: it processes 3–7 transac-tions per second at present, irrespective of the available computa-tion capacity at hand. In this paper, we propose a new distributed agreement proto-col for permission-less blockchains called ELASTICO. ELASTICO scales transaction rates almost linearly with available computation for mining: the more the computation power in the network, the higher the number of transaction blocks selected per unit time. ELASTICO is efficient in its network messages and tolerates byzan-tine adversaries of up to one-fourth of the total computational power. Technically, ELASTICO uniformly partitions or parallelizes the min-ing network (securely) into smaller committees, each of which pro-cesses a disjoint set of transactions (or " shards "). While sharding is common in non-byzantine settings, ELASTICO is the first candi-date for a secure sharding protocol with presence of byzantine ad-versaries. Our scalability experiments on Amazon EC2 with up to 1, 600 nodes confirm ELASTICO's theoretical scaling properties.

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APA

Kiayias, A., Russell, A., David, B., Oliynykov, R., Bentov, I., Lee, C., … Smolander, K. (2017). PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake. Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security - CCS’16, 1919(January), 1–27. https://doi.org/10.1017/CBO9781107415324.004

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