Paper 2021/742

Conclave: A Collective Stake Pool Protocol

Dimitris Karakostas, Aggelos Kiayias, and Mario Larangeira

Abstract

Proof-of-Stake (PoS) distributed ledgers are the most common alternative to Bitcoin’s Proof-of-Work (PoW) paradigm, replacing the hardware dependency with stake, i.e., assets that a party controls. Similar to PoW’s mining pools, PoS’s stake pools, i.e., collaborative entities comprising of multiple stakeholders, allow a party to earn rewards more regularly, compared to participating on an individual basis. However, stake pools tend to increase centralization, since they are typically managed by a single party that acts on behalf of the pool’s members. In this work we propose Conclave, a formal design of a Collective Stake Pool, i.e., a decentralized pool with no single point of authority. We formalize Conclave as an ideal functionality and implement it as a distributed protocol, based on standard cryptographic primitives. Among Conclave’s building blocks is a weighted threshold signature scheme (WTSS); to that end, we define a WTSS ideal functionality — which might be of independent interest — and propose two constructions based on threshold ECDSA, which enable (1) fast trustless setup and (2) identifiable aborts.

Metadata
Available format(s)
PDF
Category
Cryptographic protocols
Publication info
Preprint. Minor revision.
Keywords
BlockchainProof-of-StakeStake PoolsUniversal Composability
Contact author(s)
dimitris karakostas @ ed ac uk
akiayias @ inf ed ac uk
mario @ c titech ac jp
History
2021-06-03: received
Short URL
https://ia.cr/2021/742
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2021/742,
      author = {Dimitris Karakostas and Aggelos Kiayias and Mario Larangeira},
      title = {Conclave: A Collective Stake Pool Protocol},
      howpublished = {Cryptology ePrint Archive, Paper 2021/742},
      year = {2021},
      note = {\url{https://eprint.iacr.org/2021/742}},
      url = {https://eprint.iacr.org/2021/742}
}
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