- Conference Paper
Digital money can be implemented efficiently by avoiding consensus. However, no-consensus designs are fundamentally limited, as they cannot support general smart contracts, and similarly they cannot deal with conflicting transactions. We present a novel protocol that combines the benefits of an asynchronous, broadcast-based digital currency, with the capacity to perform consensus. This is achieved by selectively performing consensus a posteriori, i.e., only when absolutely necessary. Our on-demand consensus comes at the price of restricting the Byzantine participants to be less than a one-fifth minority in the system, which is the optimal threshold. We formally prove the correctness of our system and present an open-source implementation, which inherits many features from the Ethereum ecosystem. Show more
Book titleStabilization, Safety, and Security of Distributed Systems
Journal / seriesLecture Notes in Computer Science
Pages / Article No.
SubjectConsensus; Reliable broadcast; Blockchain; Fault tolerance; Cryptocurrency; Distributed, Parallel, and Cluster Computing (cs.DC); Cryptography and Security (cs.CR); FOS: Computer and information sciences
Organisational unit03604 - Wattenhofer, Roger / Wattenhofer, Roger
MoreShow all metadata