Cryptocurrencies Without Proof of Work

By Iddo Bentov, Ariel Gabizon, Alex Mizrahi. Financial Cryptography Workshops, 2014

399 citations recorded by the source corpus.

We study decentralized cryptocurrency protocols in which the participants do not deplete physical scarce resources. Such protocols commonly rely on Proof of Stake, i.e., on mechanisms that extend voting power to the stakeholders of the system. We offer analysis of existing protocols that have a substantial amount of popularity. We then present our novel pure Proof of Stake protocols, and argue that they help in mitigating problems that the existing protocols exhibit.

Subfields: Artificial Intelligence, Information Systems

View Paper: https://www.semanticscholar.org/paper/e40b3986a453a896c0ae7613d9a3e9c2758d49b6

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Citations in the corpus

A Survey of Distributed Consensus Protocols for Blockchain Networks (2019, methodology): “1) Bentov’s CoA: Bentov et al.’s CoA [100] was proposed in 2016 partially based on Bentov’s PoA.”
Tesseract: Real-Time Cryptocurrency Exchange using Trusted Hardware (2017, background): “In particular, in a proof-of-stake [16, 33, 12, 45, 37, 27, 40] based cryptocurrency the scarce resources are the coins that circulate in the system, and in a proof-of-space [66] based cryptocurrency the scarce resource is storage space.”
A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain Networks (2018, neutral): “• The puzzle-solving process should be eco-friendly [69], [72], [73], [77], [78].”
REM: Resource-Efficient Mining for Blockchains (2017, background): “Proof-of-Stake [77, 19, 54, 21] is a distinct approach in which miners gain the right to generate blocks by committing cryptocurrency funds.”
A Survey on Security and Privacy Issues of Bitcoin (2017, neutral): “users to [20] and [52]–[55].”
Blockchain distributed ledger technologies for biomedical and health care applications (2017, background): “…process without consulting a bank. have also been proposed, such as proof-of-stake, where the node with oldest coins can create a new block 38–40 ; proof-of-burn, where the node willing to “burn” or destroy the largest number of coins, by sending it to a “NULL” address, can create a new…”
Proof-of-Stake Consensus Mechanisms for Future Blockchain Networks: Fundamentals, Applications and Opportunities (2019, methodology): “The PoS protocols often have both reward and penalty mechanisms, such as [25], [28], [30].”
Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol (2017, background): “See [3] for a discussion of various attacks.”
Towards Scaling Blockchain Systems via Sharding (2018, result): “ protocols can be divided into two types: chain-based and BFT-based [14]. In the former, the node is elected to be a leader based on its stake, and the leader can issue a next block. Examples include [60, 12, 31]. These protocols choose availability over consistency, and their security model is simi”
Algorand: Scaling Byzantine Agreements for Cryptocurrencies (2017, background): “However, realizing proof-of-stake in practice is challenging [4].”
Ouroboros Praos: An Adaptively-Secure, Semi-synchronous Proof-of-Stake Blockchain (2018, background): “[4,3], though their proposal does not have a full formal analysis.”
Fairness in an Unfair World: Fair Multiparty Computation from Public Bulletin Boards (2017, methodology): “1 A decentralized implementation of a bulletin board can be realized from blockchain-based ledgers such as Etherium and Bitcoin implemented with proofs of stake or proofs of work [16].”
A Survey about Consensus Algorithms Used in Blockchain (2018, methodology): “[43] for leader election as a way to calculate entropy based on the current status of the Blockchain.”