Paper 2022/409

Proof-of-Stake Is a Defective Mechanism

Vicent Sus

Abstract

Proof-of-stake algorithms implemented as distributed consensus mechanisms in the base layer of blockchain networks are defective cryptosystems by nature. By trying to improve the energy efficiency of blockchains using proof-of-work in the consensus mechanism, proof-of-stake is introducing a set of significant new flaws in both monetary and governance models. Such systems are plutocratic, oligopolistic, and permissioned.

Metadata
Available format(s)
PDF
Publication info
Preprint. MINOR revision.
Keywords
cryptocurrenciesblockchainsdistributed consensus mechanismsblockchain consensusproof-of-stake
Contact author(s)
vicent @ vicentsus org
History
2022-03-31: revised
2022-03-31: received
See all versions
Short URL
https://ia.cr/2022/409
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2022/409,
      author = {Vicent Sus},
      title = {Proof-of-Stake Is a Defective Mechanism},
      howpublished = {Cryptology ePrint Archive, Paper 2022/409},
      year = {2022},
      note = {\url{https://eprint.iacr.org/2022/409}},
      url = {https://eprint.iacr.org/2022/409}
}
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