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We present "Ouroboros'', the first blockchain protocol based on proof of stake with rigorous security guarantees. We establish security properties for the protocol comparable to those achieved by the bitcoin blockchain protocol. As the protocol provides a "proof of stake'' blockchain discipline, it offers qualitative efficiency advantages over blockchains based on proof of physical resources (e.g., proof of work). We also present a novel reward mechanism for incentivizing Proof of Stake protocols and we prove that, given this mechanism, honest behavior is an approximate Nash equilibrium, thus neutralizing attacks such as selfish mining.
|Title of host publication||Advances in Cryptology -- CRYPTO 2017|
|Editors||Jonathan Katz, Hovav Shacham|
|Place of Publication||Cham|
|Number of pages||32|
|Publication status||Published - 29 Jul 2017|
|Event||CRYPTO 2017: 37th Annual International Cryptology Conference - University of California, Santa Barbara, Santa Barbara, United States|
Duration: 20 Aug 2016 → 24 Aug 2017
|Name||Lecture Notes in Computer Science|
|Abbreviated title||CRYPTO 2017|
|Period||20/08/16 → 24/08/17|
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1/09/15 → 31/01/19