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Cryptocurrencies Without Proof of Work

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Financial Cryptography and Data Security (FC 2016)

Part of the book series: Lecture Notes in Computer Science ((LNSC,volume 9604))

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Abstract

We study decentralized cryptocurrency protocols in which the participants do not deplete physical scarce resources. Such protocols commonly rely on Proof of Stake, i.e., on mechanisms that extend voting power to the stakeholders of the system. We offer analysis of existing protocols that have a substantial amount of popularity. We then present our novel pure Proof of Stake protocols, and argue that they help in mitigating problems that the existing protocols exhibit.

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Notes

  1. 1.

    See http://peercoin.net/assets/paper/peercoin-paper.pdf.

  2. 2.

    More precisely, as w goes to infinity this is the limit of the probability of the event.

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Author information

Authors and Affiliations

  1. Department of Computer Science, Technion, Haifa, Israel

    Iddo Bentov & Ariel Gabizon

  2. Chromaway.com, Stockholm, Sweden

    Alex Mizrahi

Authors
  1. Iddo Bentov
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  2. Ariel Gabizon
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  3. Alex Mizrahi
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Corresponding author

Correspondence to Iddo Bentov .

Editor information

Editors and Affiliations

  1. Concordia University, Montreal, Québec, Canada

    Jeremy Clark

  2. University College London, London, United Kingdom

    Sarah Meiklejohn

  3. Université du Luxembourg, Luxembourg, Luxembourg

    Peter Y.A. Ryan

  4. Rice University, Houston, Texas, USA

    Dan Wallach

  5. Leibniz Universität Hannover, Hannover, Germany

    Michael Brenner

  6. New Jersey Institute of Technology, Newark, New Jersey, USA

    Kurt Rohloff

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© 2016 International Financial Cryptography Association

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Bentov, I., Gabizon, A., Mizrahi, A. (2016). Cryptocurrencies Without Proof of Work. In: Clark, J., Meiklejohn, S., Ryan, P., Wallach, D., Brenner, M., Rohloff, K. (eds) Financial Cryptography and Data Security. FC 2016. Lecture Notes in Computer Science(), vol 9604. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-53357-4_10

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  • DOI: https://doi.org/10.1007/978-3-662-53357-4_10

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  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-662-53356-7

  • Online ISBN: 978-3-662-53357-4

  • eBook Packages: Computer ScienceComputer Science (R0)

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