@inproceedings{3a5f282bbdd44deca0815bce44fc85c1,
title = "Everything is a Race and Nakamoto Always Wins",
abstract = "Nakamoto invented the longest chain protocol, and claimed its security by analyzing the private double-spend attack, a race between the adversary and the honest nodes to grow a longer chain. But is it the worst attack? We answer the question in the affirmative for three classes of longest chain protocols, designed for different consensus models: 1) Nakamoto's original Proof-of-Work protocol; 2) Ouroboros and SnowWhite Proof-of-Stake protocols; 3) Chia Proof-of-Space protocol. As a consequence, exact characterization of the maximum tolerable adversary power is obtained for each protocol as a function of the average block time normalized by the network delay. The security analysis of these protocols is performed in a unified manner by a novel method of reducing all attacks to a race between the adversary and the honest nodes.",
keywords = "proof-of-space, proof-of-stake, proof-of-work, security analysis",
author = "Amir Dembo and Sreeram Kannan and Tas, {Ertem Nusret} and David Tse and Pramod Viswanath and Xuechao Wang and Ofer Zeitouni",
note = "Publisher Copyright: {\textcopyright} 2020 ACM.; 27th ACM SIGSAC Conference on Computer and Communications Security, CCS 2020 ; Conference date: 09-11-2020 Through 13-11-2020",
year = "2020",
month = oct,
day = "30",
doi = "10.1145/3372297.3417290",
language = "English (US)",
series = "Proceedings of the ACM Conference on Computer and Communications Security",
publisher = "Association for Computing Machinery",
pages = "859--878",
booktitle = "CCS 2020 - Proceedings of the 2020 ACM SIGSAC Conference on Computer and Communications Security",
}