Better Incentives for Proof-of-Work
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Author / Producer
Date
2022
Publication Type
Conference Paper
ETH Bibliography
yes
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Abstract
This work proposes a novel proof-of-work blockchain incentive scheme such that, barring exogenous motivations, following the protocol is guaranteed to be the optimal strategy for miners. Our blockchain takes the form of a directed acyclic graph, resulting in improvements with respect to throughput and speed. More importantly, for our blockchain to function, it is not expected that the miners conform to some presupposed protocol in the interest of the system’s operability. Instead, our system works if miners act selfishly, trying to get the maximum possible rewards, with no consideration for the overall health of the blockchain.
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Publication status
published
External links
Book title
Stabilization, Safety, and Security of Distributed Systems
Journal / series
Volume
13751
Pages / Article No.
314 - 328
Publisher
Springer
Event
24th International Symposium on Stabilization, Safety, and Security of Distributed Systems (SSS 2022)
Edition / version
Methods
Software
Geographic location
Date collected
Date created
Subject
Cryptography and Security (cs.CR); FOS: Computer and information sciences
Organisational unit
03604 - Wattenhofer, Roger / Wattenhofer, Roger