Enhancing Bitcoin Security and Performance with Strong Consistency via Collective Signing
Event details
| Date | 22.06.2016 |
| Hour | 15:00 › 17:00 |
| Speaker | Eleftherios Kokoris Kogias |
| Location | |
| Category | Conferences - Seminars |
EDIC Candidacy Exam:
Exam President: Prof. J-P Hubaux
Thesis Director: Prof. Bryan Ford
Co-examiner: Prof. Katerina Argyraki
Background papers:
Practical Byzantine Fault Tolerance
Bitcoin-NG: A Scalable Block chain Protocol
Keeping Authorities “Honest or Bust” with Decentralized Witness Cosigning
Abstract:
At Bitcoin's core lies the Nakamoto Consensus which takes a totally different approach in solving the BFT replication problem than prior academic research. Due to this algorithm Bitcoin offers only probabilistic guarantees of transactional commitment, which leads to long waiting periods from the client's side and limits the scaling potential. In this proposal we survey recent work that can be used to enable the modification of Bitcoin's Consensus from Nakamoto's to a variant of the widely studied PBFT. We present PBFT, Collective Signing and Bitcoin-NG systems and propose a way to combine their key ideas to create a novel consensus algorithm for blockchains that offers strong consistency and enables scaling to hundreds of transactions per second.
Exam President: Prof. J-P Hubaux
Thesis Director: Prof. Bryan Ford
Co-examiner: Prof. Katerina Argyraki
Background papers:
Practical Byzantine Fault Tolerance
Bitcoin-NG: A Scalable Block chain Protocol
Keeping Authorities “Honest or Bust” with Decentralized Witness Cosigning
Abstract:
At Bitcoin's core lies the Nakamoto Consensus which takes a totally different approach in solving the BFT replication problem than prior academic research. Due to this algorithm Bitcoin offers only probabilistic guarantees of transactional commitment, which leads to long waiting periods from the client's side and limits the scaling potential. In this proposal we survey recent work that can be used to enable the modification of Bitcoin's Consensus from Nakamoto's to a variant of the widely studied PBFT. We present PBFT, Collective Signing and Bitcoin-NG systems and propose a way to combine their key ideas to create a novel consensus algorithm for blockchains that offers strong consistency and enables scaling to hundreds of transactions per second.
Practical information
- General public
- Free
Contact
- Cecilia Chapuis EDIC