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Paper 2018/239

RepuCoin: Your Reputation is Your Power

Jiangshan Yu and David Kozhaya and Jeremie Decouchant and Paulo Esteves-Verissimo

Abstract

Existing proof-of-work (PoW) cryptocurrencies cannot tolerate attackers controlling more than 50% of the network's computing power at any time, but assume that such a condition happening is "unlikely". However, recent attack sophistication, e.g., where attackers can rent mining capacity to obtain a majority of computing power temporarily (flash attacks), render this assumption unrealistic. This paper proposes RepuCoin, the first system to provide guarantees even when more than 50% of the system's computing power is temporarily dominated by an attacker. RepuCoin defines a miner's power by its reputation as a function integrated over the entire blockchain, rather than through its sheer computing power which can be obtained relatively quickly and temporarily. As an example, after a single year of operation, RepuCoin can tolerate attacks compromising 51% of the network's computing resources, even if such power stays maliciously seized for almost a whole year. Moreover, RepuCoin provides better resilience to known attacks, compared to existing PoW systems, while achieving a high throughput of 10000 transactions per second.

Metadata
Available format(s)
PDF
Category
Applications
Publication info
Preprint. MINOR revision.
Keywords
Blockchaincryptocurrencyblockchain consensus.
Contact author(s)
j yu research @ gmail com
History
2019-02-03: last of 4 revisions
2018-03-05: received
See all versions
Short URL
https://ia.cr/2018/239
License
Creative Commons Attribution
CC BY
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