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06th of February 2017, Cryptology ePrint Archive: Report 2016/889

Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

Aggelos Kiayias, Alexander Russell, Bernardo David, Roman Oliynykov

We present a provably-secure blockchain protocol based on “proof of stake.” As far as we are aware, this is the first proof of stake blockchain protocol which provides rigorous security guarantees.

The security properties of the system are analyzed in the model of [9] and are comparable to the ones possessed by the bitcoin blockchain protocol which utilizes proof of work. Furthermore, an incentive mechanism for the protocol is also proposed.