Cryptology ePrint Archive: Report 2017/656

iChing: A Scalable Proof-of-Stake Blockchain in the Open Setting (or, How to Mimic Nakamoto's Design via Proof-of-Stake)

Lei Fan and Hong-Sheng Zhou

Abstract: Bitcoin has proven to be very successful. The Bitcoin blockchain is backed up by a large-scale network of miners via proof-of-work mechanism. Unfortunately, these miners consume huge amount of non-recyclable resources (electricity and computing hardware). To address this issue, alternative blockchain constructions via proof-of-stake mechanism have been proposed. Unfortunately, those proposals either lack of security analysis or cannot scale to a large network of nodes in the open network setting where new players can safely join the blockchain protocol.

In this paper, we propose \iChing, the first scalable proof-of-stake blockchain in the open setting. We show that our blockchain protocol can achieve several important security properties including common prefix, chain quality, chain growth, and chain soundness.

Category / Keywords: cryptographic protocols /

Date: received 3 Jul 2017, last revised 4 Jul 2017

Contact author: hongsheng zhou at gmail com

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Version: 20170705:220223 (All versions of this report)

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