Title | ||
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Enhancing Bitcoin Security And Performance With Strong Consistency Via Collective Signing |
Abstract | ||
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While showing great promise, Bitcoin requires users to wait tens of minutes for transactions to commit, and even then, offering only probabilistic guarantees. This paper introduces ByzCoin, a novel Byzantine consensus protocol that leverages scalable collective signing to commit Bitcoin transactions irreversibly within seconds. ByzCoin achieves Byzantine consensus while preserving Bitcoin's open membership by dynamically forming hash power-proportionate consensus groups that represent recently-successful block miners. ByzCoin employs communication trees to optimize transaction commitment and verification under normal operation while guaranteeing safety and liveness under Byzantine faults, up to a near-optimal tolerance of f faulty group members among 3 f + 2 total. ByzCoin mitigates double spending and selfish mining attacks by producing collectively signed transaction blocks within one minute of transaction submission. Tree-structured communication further reduces this latency to less than 30 seconds. Due to these optimizations, ByzCoin achieves a throughput higher than Paypal currently handles, with a confirmation latency of 15-20 seconds. |
Year | Venue | DocType |
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2016 | PROCEEDINGS OF THE 25TH USENIX SECURITY SYMPOSIUM | Conference |
Volume | Citations | PageRank |
abs/1602.06997 | 56 | 3.13 |
References | Authors | |
32 | 6 |
Name | Order | Citations | PageRank |
---|---|---|---|
Eleftherios Kokoris-Kogias | 1 | 149 | 14.56 |
Philipp Jovanovic | 2 | 266 | 19.22 |
Nicolas Gailly | 3 | 142 | 8.64 |
Ismail Khoffi | 4 | 77 | 4.35 |
Linus Gasser | 5 | 143 | 8.99 |
Bryan Ford | 6 | 1573 | 149.56 |