Enhancing Bitcoin Security and Performance with Strong Consistency via...
summary
ByzCoin applies Byzantine consensus to Bitcoin by forming dynamic consensus groups proportional to recent mining hash power and using scalable collective signing and tree-structured communication to commit transaction blocks quickly. It aims to provide strong consistency (near-optimal Byzantine fault tolerance up to f faulty among 3f+2) and reduce confirmation latency to under a minute (15–30 seconds) while increasing throughput beyond PayPal levels, and claims resistance to double-spending and selfish-mining attacks.
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chapters (21)
- 0:00Intro
- 0:27Cryptocurrency Ecosystem
- 0:40Distributed Ledger (Blockchain)
- 1:35Talk Outline
- 2:36Transaction Verification in Bitcoin
- 3:09Transaction Conflicts
- 3:24Resolving Conflicts
- 3:53Proof-of-Work
- 4:38The Blockchain
- 6:45Strawman Design: PBFTCoin
- 8:39Opening the Consensus Group
- 10:48From MACs to Collective Signing
- 12:14Discussion
- 12:41Problem Statement
- 14:28Decoupling Transaction Verification from Leader Election
- 15:38Performance Evaluation
- 16:30Consensus Latency
- 18:02Throughput
- 18:57Limitations
- 20:12Future Work
- 21:44Thank you
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