Cryptology ePrint Archive: Report 2016/889
Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol
Aggelos Kiayias and Alexander Russell and Bernardo David and Roman Oliynykov
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 showcase the practicality of our protocol in real world settings by providing experimental results on transaction processing time obtained with a prototype implementation in the Amazon cloud. We also present a novel reward mechanism for incentivizing the protocol and we prove that given this mechanism, honest behavior is an approximate Nash equilibrium, thus neutralizing attacks such as selfish mining and block withholding.
Category / Keywords: blockchain, consensus, proof of stake.
Date: received 12 Sep 2016, last revised 6 Feb 2017
Contact author: aggelos at kiayias com
Available format(s): PDF | BibTeX Citation
Note: Improved presentation in both protocol description and analysis. Clarified the model. Added new benchmarks.
Version: 20170206:230050 (All versions of this report)
Short URL: ia.cr/2016/889
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