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A Secure Sharding Protocol For Open Blockchains

A Secure Sharding Protocol For Open Blockchains A Secure Sharding Protocol For Open Blockchains Loi Luu National University of Singapore [email protected] Viswesh Narayanan National University of Singapore [email protected] Chaodong Zheng National University of Singapore [email protected] Kunal Baweja National University of Singapore [email protected] Seth Gilbert National University of Singapore [email protected] Prateek Saxena National University of Singapore [email protected] ABSTRACT Cryptocurrencies, such as Bitcoin and 250 similar alt-coins, embody at their core a blockchain protocol -- a mechanism for a distributed network of computational nodes to periodically agree on a set of new transactions. Designing a secure blockchain protocol relies on an open challenge in security, that of designing a highlyscalable agreement protocol open to manipulation by byzantine or arbitrarily malicious nodes. Bitcoin's blockchain agreement protocol exhibits security, but does not scale: it processes 3­7 transactions per second at present, irrespective of the available computation capacity at hand. In this paper, we propose a new distributed agreement protocol for permission-less blockchains called E LASTICO. E LASTICO scales transaction rates almost linearly with available computation for mining: the more the computation power in the network, the higher the number of transaction blocks selected per unit time. E LASTICO is efficient in its network messages and tolerates byzantine adversaries of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Secure Sharding Protocol For Open Blockchains

Association for Computing Machinery — Oct 24, 2016

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Datasource
Association for Computing Machinery
Copyright
Copyright © 2016 by ACM Inc.
ISBN
978-1-4503-4139-4
doi
10.1145/2976749.2978389
Publisher site
See Article on Publisher Site

Abstract

A Secure Sharding Protocol For Open Blockchains Loi Luu National University of Singapore [email protected] Viswesh Narayanan National University of Singapore [email protected] Chaodong Zheng National University of Singapore [email protected] Kunal Baweja National University of Singapore [email protected] Seth Gilbert National University of Singapore [email protected] Prateek Saxena National University of Singapore [email protected] ABSTRACT Cryptocurrencies, such as Bitcoin and 250 similar alt-coins, embody at their core a blockchain protocol -- a mechanism for a distributed network of computational nodes to periodically agree on a set of new transactions. Designing a secure blockchain protocol relies on an open challenge in security, that of designing a highlyscalable agreement protocol open to manipulation by byzantine or arbitrarily malicious nodes. Bitcoin's blockchain agreement protocol exhibits security, but does not scale: it processes 3­7 transactions per second at present, irrespective of the available computation capacity at hand. In this paper, we propose a new distributed agreement protocol for permission-less blockchains called E LASTICO. E LASTICO scales transaction rates almost linearly with available computation for mining: the more the computation power in the network, the higher the number of transaction blocks selected per unit time. E LASTICO is efficient in its network messages and tolerates byzantine adversaries of

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