In this work, we put forth Minotaur, a multi-resource blockchain consensus protocol that combines proof of work (PoW) and proof-of-stake (PoS), and we prove it optimally fungible. At the core of our design, Minotaur operates in epochs while continuously sampling the active computational power to provide a fair exchange between the two resources, work and stake. Further, we demonstrate the ability of Minotaur to handle a higher degree of work fluctuation as compared to the Bitcoin blockchain; we also generalize Minotaur to any number of resources.
We demonstrate the simplicity of Minotaur via implementing a full stack client in Rust (available open source). We use the client to test the robustness of Minotaur to variable mining power and combined work/stake attacks and demonstrate concrete empirical evidence towards the suitability of Minotaur to serve as the consensus layer of a real-world blockchain.
Category / Keywords: applications / Blockchains Date: received 27 Jan 2022 Contact author: xuechao2 at illinois edu Available format(s): PDF | BibTeX Citation Version: 20220131:074827 (All versions of this report) Short URL: ia.cr/2022/104