TY - GEN
T1 - PrisM
T2 - 26th ACM SIGSAC Conference on Computer and Communications Security, CCS 2019
AU - Bagaria, Vivek
AU - Kannan, Sreeram
AU - Tse, David
AU - Fanti, Giulia
AU - Viswanath, Pramod
N1 - Funding Information:
We thank the Distributed Technologies Research Foundation, the Army Research Office under grant W911NF-18-1-0332-(73198-NS), the National Science Foundation under grants 1705007 and 1651236 for supporting their research program on blockchain technologies. We thank Applied Protocol Research Inc. for support and for providing a conducive environment that fostered this collaborative research. We also thank Andrew Miller and Mohammad Alizadeh for their comments on an earlier draft. We also thank Soubhik Deb for helping us with the simulations.
Publisher Copyright:
© 2019 Association for Computing Machinery.
PY - 2019/11/6
Y1 - 2019/11/6
N2 - The concept of a blockchain was invented by Satoshi Nakamoto to maintain a distributed ledger. In addition to its security, important performance measures of a blockchain protocol are its transaction throughput and confirmation latency. In a decentralized setting, these measures are limited by two underlying physical network attributes: communication capacity and speed-of-light propagation delay. In this work we introduce Prism, a new proof-of-work blockchain protocol, which can achieve 1) security against up to 50% adversarial hashing power; 2) optimal throughput up to the capacity C of the network; 3) confirmation latency for honest transactions proportional to the propagation delay D, with confirmation error probability exponentially small in the bandwidth-delay product CD; 4) eventual total ordering of all transactions. Our approach to the design of this protocol is based on deconstructing Nakamoto's blockchain into its basic functionalities and systematically scaling up these functionalities to approach their physical limits.
AB - The concept of a blockchain was invented by Satoshi Nakamoto to maintain a distributed ledger. In addition to its security, important performance measures of a blockchain protocol are its transaction throughput and confirmation latency. In a decentralized setting, these measures are limited by two underlying physical network attributes: communication capacity and speed-of-light propagation delay. In this work we introduce Prism, a new proof-of-work blockchain protocol, which can achieve 1) security against up to 50% adversarial hashing power; 2) optimal throughput up to the capacity C of the network; 3) confirmation latency for honest transactions proportional to the propagation delay D, with confirmation error probability exponentially small in the bandwidth-delay product CD; 4) eventual total ordering of all transactions. Our approach to the design of this protocol is based on deconstructing Nakamoto's blockchain into its basic functionalities and systematically scaling up these functionalities to approach their physical limits.
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U2 - 10.1145/3319535.3363213
DO - 10.1145/3319535.3363213
M3 - Conference contribution
AN - SCOPUS:85075925364
T3 - Proceedings of the ACM Conference on Computer and Communications Security
SP - 585
EP - 602
BT - CCS 2019 - Proceedings of the 2019 ACM SIGSAC Conference on Computer and Communications Security
PB - Association for Computing Machinery
Y2 - 11 November 2019 through 15 November 2019
ER -