Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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.
Original languageEnglish
Title of host publicationAdvances in Cryptology -- CRYPTO 2017
EditorsJonathan Katz, Hovav Shacham
Place of PublicationCham
PublisherSpringer, Cham
Pages357-388
Number of pages32
ISBN (Electronic)978-3-319-63688-7
ISBN (Print)978-3-319-63687-0
DOIs
Publication statusPublished - 29 Jul 2017
EventCRYPTO 2017: 37th Annual International Cryptology Conference - University of California, Santa Barbara, Santa Barbara, United States
Duration: 20 Aug 201624 Aug 2017
https://www.iacr.org/conferences/crypto2017/
https://www.iacr.org/conferences/crypto2017/

Publication series

NameLecture Notes in Computer Science
PublisherSpringer, Cham
Volume10401
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Conference

ConferenceCRYPTO 2017
Abbreviated titleCRYPTO 2017
Country/TerritoryUnited States
CitySanta Barbara
Period20/08/1624/08/17
Internet address

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