Pravuil: Global Consensus for a United World
This addresses the blockchain scalability trilemma for decentralized systems, offering a potential solution for broader adoption in adversarial environments like the Internet.
The paper tackles the limitations of existing blockchain consensus protocols by introducing Pravuil, a permissionless protocol that achieves simultaneous decentralization, scalability, and security, resulting in lower confirmation times, higher transaction security at lower cost, and improved stability compared to Bitcoin and other PoW/PoS blockchains.
Pravuil is a robust, secure, and scalable consensus protocol for a permissionless blockchain suitable for deployment in an adversarial environment such as the Internet. Pravuil circumvents previous shortcomings of other blockchains: - Bitcoin's limited adoption problem: as transaction demand grows, payment confirmation times grow much lower than other PoW blockchains - higher transaction security at a lower cost - more decentralisation than other permissionless blockchains - impossibility of full decentralisation and the blockchain scalability trilemma: decentralisation, scalability, and security can be achieved simultaneously - Sybil-resistance for free implementing the social optimum - Pravuil goes beyond the economic limits of Bitcoin or other PoW/PoS blockchains, leading to a more valuable and stable crypto-currency