This Week in Blockchain Research Issue #63
|zk Capital||Jul 1, 2020|
Paper of the Week:
Proof-of- stake consensus protocols (PoS) provides guarantees similar to PoW assuming that a majority of the wealth in the system is controlled by honest participants.
This paper argues that the design space of PoS-like protocols can be expanded and that further improvements are possible.
Some advantages and disadvantages of PoW and PoS can be combined with a system based on virtual ASICs.
Virtual ASICs are tokenized representations of mining power that mimic many of the properties of their physical counterparts but do not waste any physical resources.
Their properties can be fine-tuned to further adjust the incentives of miners in ways that improve the stability, well-being, and decentralization of the system.
A consensus protocol is constructed that is based on a leader election lottery, where the probability that a party is elected as a leader in a given slot is proportional to the party’s mining rate of the virtual ASICs in the system.
Next, this work shows how to bootstrap our ASIC blockchain system by constructing a mechanism for acquiring ASICs on the blockchain.
An all-or-nothing broadcast channel is used to construct an ASIC auction, and also to allow miners to commit in advance to powering their ASICs.
Summary: Eight efficient lattice-based fault attacks (and one differential fault attack) against deterministic ECDSA and two ones against EdDSA are proposed.
Affiliations: * China Information Technology Security Evaluation Center, † Chinese Academy of Sciences, and ‡ China Southern Power Grid.
Summary: This work proves sharp thresholds on the sequentiality of all generic-ring delay functions relative to an RSA modulus based on the hardness of factoring in the standard model.
Affiliations: * Hebrew University of Jerusalem.
3. Paper Title: Bitcoin Covenants: Three Ways to Control the Future.
Summary: This work introduces a mechanism to construct a general class of covenants without requiring a change to the consensus rules of bitcoin, in contrast to previous covenant mechanism proposals.
Authors: Jacob Swambo*, Spencer Hommel†, Bob McElrath , and Bryan Bishop,
Summary: This work shows that Groth16 is both weakly-simulation extractable and perfectly and efficiently randomizable.
Summary: This article asymptotically analyses the convergence of Nakamoto-like consensus of Tang et al. by proposing a general framework for formalizing consensus schemes comprising both the classical Nakamoto consensus (bitcoin consensus) and the consensus of Tang et al.
Authors: Shuyang Tang*,
Affiliations: * Shanghai Jiao Tong University.
1. Paper Title: Backtesting of Algorithmic Cryptocurrency Trading Strategies.
Summary: A tool for backtesting algorithmic trading strategies for cryptocurrencies that provides a convenient way to automatically run comparisons of multi-dimensional parameter spaces for algorithmic trading strategies.
Authors: Jan Spörer*,
Affiliations: * Frankfurt School of Finance & Management.
Summary: A model to analyze how miners’ participation decisions interact with users’ participation and fee decisions in equilibrium, and identify the optimal protocol design when the goal is to maximize total throughput or users’ utility.
Affiliations: * The Hong Kong University of Science and Technology.
Conferences, Journals, & CFPs:
October 21-23 - The second ACM conference on Advances in Financial Technologies (AFT’20) (New York City)
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