@inproceedings{e4e3d44075e94b328e1c6a8420e83b5d,
title = "Proof-of-Stake Longest Chain Protocols: Security vs Predictability",
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 paper, we prove that a natural longest chain PoS protocol with similar predictability as 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 with a formal proof of their security against a 50\% adversary, while only requiring short-term predictability.",
keywords = "blockchain protocols, proof-of-stake, security analysis",
author = "Vivek Bagaria and Amir Dembo and Sreeram Kannan and Sewoong Oh and David Tse and Pramod Viswanath and Xuechao Wang and Ofer Zeitouni",
note = "The authors are listed alphabetically. Amir Dembo and Ofer Zeitouni were partially supported by a US-Israel BSF grant. For correspondence on the paper, please contact Xuechao Wang at
[email protected].; 2022 ACM Workshop on Developments in Consensus, ConsensusDay 2022 - Co-located with CCS 2022 ; Conference date: 07-11-2022",
year = "2022",
month = nov,
day = "7",
doi = "10.1145/3560829.3563559",
language = "English (US)",
series = "ConsensusDay 2022 - Proceedings of the 2022 ACM Workshop on Developments in Consensus, co-located with CCS 2022",
publisher = "Association for Computing Machinery",
pages = "29--42",
booktitle = "ConsensusDay 2022 - Proceedings of the 2022 ACM Workshop on Developments in Consensus, co-located with CCS 2022",
address = "United States",
}