15,173 research outputs found
Proof of Luck: an Efficient Blockchain Consensus Protocol
In the paper, we present designs for multiple blockchain consensus primitives
and a novel blockchain system, all based on the use of trusted execution
environments (TEEs), such as Intel SGX-enabled CPUs. First, we show how using
TEEs for existing proof of work schemes can make mining equitably distributed
by preventing the use of ASICs. Next, we extend the design with proof of time
and proof of ownership consensus primitives to make mining energy- and
time-efficient. Further improving on these designs, we present a blockchain
using a proof of luck consensus protocol. Our proof of luck blockchain uses a
TEE platform's random number generation to choose a consensus leader, which
offers low-latency transaction validation, deterministic confirmation time,
negligible energy consumption, and equitably distributed mining. Lastly, we
discuss a potential protection against up to a constant number of compromised
TEEs.Comment: SysTEX '16, December 12-16, 2016, Trento, Ital
Centrally Banked Cryptocurrencies
Current cryptocurrencies, starting with Bitcoin, build a decentralized
blockchain-based transaction ledger, maintained through proofs-of-work that
also generate a monetary supply. Such decentralization has benefits, such as
independence from national political control, but also significant limitations
in terms of scalability and computational cost. We introduce RSCoin, a
cryptocurrency framework in which central banks maintain complete control over
the monetary supply, but rely on a distributed set of authorities, or
mintettes, to prevent double-spending. While monetary policy is centralized,
RSCoin still provides strong transparency and auditability guarantees. We
demonstrate, both theoretically and experimentally, the benefits of a modest
degree of centralization, such as the elimination of wasteful hashing and a
scalable system for avoiding double-spending attacks.Comment: 15 pages, 4 figures, 2 tables in Proceedings of NDSS 201
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