7 research outputs found

    Distributed Cryptography Based on the Proofs of Work

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    Motivated by the recent success of Bitcoin we study the question of constructing distributed cryptographic protocols in a fully peer-to-peer scenario (without any trusted setup) under the assumption that the adversary has limited computing power. We propose a formal model for this scenario and then we construct the following protocols working in it: (i) a broadcast protocol secure under the assumption that the honest parties have computing power that is some non-negligible fraction of computing power of the adversary (this fraction can be small, in particular it can be much less than 1/2), (ii) a protocol for identifying a set of parties such that the majority of them is honest, and every honest party belongs to this set (this protocol works under the assumption that the majority of computing power is controlled by the honest parties). Our broadcast protocol can be used to generate an unpredictable beacon (that can later serve, e.g., as a genesis block for a new cryptocurrency). The protocol from Point (ii) can be used to construct arbitrary multiparty computation protocols. Our main tool for checking the computing power of the parties are the Proofs of Work (Dwork and Naor, CRYPTO 92). Our broadcast protocol is built on top of the classical protocol of Dolev and Strong (SIAM J. on Comp. 1983). Although our motivation is mostly theoretic, we believe that our ideas can lead to practical implementations (probably after some optimizations and simplifications). We discuss some possible applications of our protocols at the end of the paper

    Socialism and the blockchain

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    Bitcoin (BTC) is often cited as Libertarian. However, the technology underpinning Bitcoin, blockchain, has properties that make it ideally suited to Socialist paradigms. Current literature supports the Libertarian viewpoint by focusing on the ability of Bitcoin to bypass central authority and provide anonymity; rarely is there an examination of blockchain technology's capacity for decentralised transparency and auditability in support of a Socialist model. This paper conducts a review of the blockchain, Libertarianism, and Socialist philosophies. It then explores Socialist models of public ownership and looks at the unique cooperative properties of blockchain that make the technology ideal for supporting Socialist societies. In summary, this paper argues that blockchain technologies are not just a Libertarian tool, they also enhance Socialist forms of governance

    Ofelimos:Combinatorial optimization via proof-of-useful-work

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    Minimizing the energy cost and carbon footprint of the Bitcoin blockchain and related protocols is one of the most widely identified open questions in the cryptocurrency space. Substituting the proof-of-work (PoW) primitive in Nakamoto’s longest-chain protocol with a proof of useful work (PoUW) has been long theorized as an ideal solution in many respects but, to this day, the concept still lacks a convincingly secure realization. In this work we put forth Ofelimos, a novel PoUW-based blockchain protocol whose consensus mechanism simultaneously realizes a decentralized optimization-problem solver. Our protocol is built around a novel local search algorithm, which we call Doubly Parallel Local Search (DPLS), that is especially crafted to suit implementation as the PoUW component of our blockchain protocol. We provide a thorough security analysis of our protocol and additionally present metrics that reflect the usefulness of the system. DPLS can be used to implement variants of popular local search algorithms such as WalkSAT that are used for real world combinatorial optimization tasks. In this way, our work paves the way for safely using blockchain systems as generic optimization engines for a variety of hard optimization problems for which a publicly verifiable solution is desired

    Ofelimos: Combinatorial Optimization via Proof-of-Useful-Work \\ A Provably Secure Blockchain Protocol

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    Minimizing the energy cost and carbon footprint of the Bitcoin blockchain and related protocols is one of the most widely identified open questions in the cryptocurrency space. Substituting the proof-of-work (PoW) primitive in Nakamoto\u27s longest chain protocol with a {\em proof of useful work} (PoUW) has been long theorized as an ideal solution in many respects but, to this day, the concept still lacks a convincingly secure realization. In this work we put forth Ofelimos, a novel PoUW-based block\-chain protocol whose consensus mechanism simultaneously realizes a decentralized optimization-problem solver. Our protocol is built around a novel local search algorithm, which we call Doubly Parallel Local Search (DPLS), that is especially crafted to suit implementation as the PoUW component of our blockchain protocol. We provide a thorough security analysis of our protocol and additionally present metrics that reflect the usefulness of the system. As an illustrative example we show how DPLS can implement a variant of WalkSAT and experimentally demonstrate its competitiveness with respect to a vanilla WalkSAT implementation. In this way, our work paves the way for safely using blockchain systems as generic optimization engines for a variety of hard optimization problems for which a publicly verifiable solution is desired
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