Fast Deterministically Safe Proof-of-Work Consensus
This work addresses the fundamental security-latency trade-off in permissionless blockchains, offering a deterministic guarantee for the first time.
The paper presents Sieve-MMR, the first fully-permissionless blockchain protocol achieving deterministic security and constant expected latency without external mechanisms, by porting a PoS protocol to PoW and introducing a time-travel-resilient broadcast primitive.
Permissionless blockchains achieve consensus while allowing unknown nodes to join and leave the system at any time. They typically come in two flavors: proof of work (PoW) and proof of stake (PoS), and both are vulnerable to attacks. PoS protocols suffer from long-range attacks, wherein attackers alter execution history at little cost, and PoW protocols are vulnerable to attackers with enough computational power to subvert execution history. PoS protocols respond by relying on external mechanisms like social consensus; PoW protocols either fall back to probabilistic guarantees, or are slow. We present Sieve-MMR, the first fully-permissionless protocol with deterministic security and constant expected latency that does not rely on external mechanisms. We obtain Sieve-MMR by porting a PoS protocol (MMR) to the PoW setting. From MMR we inherit constant expected latency and deterministic security, and proof-of-work gives us resilience against long-range attacks. The main challenge to porting MMR to the PoW setting is what we call time-travel attacks, where attackers use PoWs generated in the distant past to increase their perceived PoW power in the present. We respond by proposing Sieve, a novel algorithm that implements a new broadcast primitive we dub time-travel-resilient broadcast (TTRB). Sieve relies on a black-box, deterministic PoW primitive to implement TTRB, which we use as the messaging layer for MMR.