Enhancing bitcoin security and performance with strong consistency via collective signing

E. Kokoris Kogias, P. Jovanovic, N. Gailly, I. Khoffi, L. Gasser, B. Ford, in:, Proceedings of the 25th USENIX Conference on Security Symposium, USENIX Association, 2016, pp. 279–296.

Conference Paper | Published | English
Author
Kokoris Kogias, LefterisIST Austria; Jovanovic, Philipp; Gailly, Nicolas; Khoffi, Ismail; Gasser, Linus; Ford, Bryan
Abstract
While showing great promise, Bitcoin requires users to wait tens of minutes for transactions to commit, and even then, offering only probabilistic guarantees. This paper introduces ByzCoin, a novel Byzantine consensus protocol that leverages scalable collective signing to commit Bitcoin transactions irreversibly within seconds. ByzCoin achieves Byzantine consensus while preserving Bitcoin’s open membership by dynamically forming hash power-proportionate consensus groups that represent recently-successful block miners. ByzCoin employs communication trees to optimize transaction commitment and verification under normal operation while guaranteeing safety and liveness under Byzantine faults, up to a near-optimal tolerance of f faulty group members among 3f + 2 total. ByzCoin mitigates double spending and selfish mining attacks by producing collectively signed transaction blocks within one minute of transaction submission. Tree-structured communication further reduces this latency to less than 30 seconds. Due to these optimizations, ByzCoin achieves a throughput higher than Paypal currently handles, with a confirmation latency of 15-20 seconds.
Publishing Year
Date Published
2016-09-01
Proceedings Title
Proceedings of the 25th USENIX Conference on Security Symposium
Page
279–296
Conference
SEC: Security Symposium
Conference Location
Austin, TX, United States
Conference Date
2016-08-10 – 2016-08-12
IST-REx-ID

Cite this

Kokoris Kogias E, Jovanovic P, Gailly N, Khoffi I, Gasser L, Ford B. Enhancing bitcoin security and performance with strong consistency via collective signing. In: Proceedings of the 25th USENIX Conference on Security Symposium. USENIX Association; 2016:279–296.
Kokoris Kogias, E., Jovanovic, P., Gailly, N., Khoffi, I., Gasser, L., & Ford, B. (2016). Enhancing bitcoin security and performance with strong consistency via collective signing. In Proceedings of the 25th USENIX Conference on Security Symposium (pp. 279–296). Austin, TX, United States: USENIX Association.
Kokoris Kogias, Eleftherios, Philipp Jovanovic, Nicolas Gailly, Ismail Khoffi, Linus Gasser, and Bryan Ford. “Enhancing Bitcoin Security and Performance with Strong Consistency via Collective Signing.” In Proceedings of the 25th USENIX Conference on Security Symposium, 279–296. USENIX Association, 2016.
E. Kokoris Kogias, P. Jovanovic, N. Gailly, I. Khoffi, L. Gasser, and B. Ford, “Enhancing bitcoin security and performance with strong consistency via collective signing,” in Proceedings of the 25th USENIX Conference on Security Symposium, Austin, TX, United States, 2016, pp. 279–296.
Kokoris Kogias E, Jovanovic P, Gailly N, Khoffi I, Gasser L, Ford B. 2016. Enhancing bitcoin security and performance with strong consistency via collective signing. Proceedings of the 25th USENIX Conference on Security Symposium. SEC: Security Symposium 279–296.
Kokoris Kogias, Eleftherios, et al. “Enhancing Bitcoin Security and Performance with Strong Consistency via Collective Signing.” Proceedings of the 25th USENIX Conference on Security Symposium, USENIX Association, 2016, pp. 279–296.
All files available under the following license(s):
Copyright Statement:
This Item is protected by copyright and/or related rights. [...]

Link(s) to Main File(s)
Access Level
OA Open Access

Export

Marked Publications

Open Data IST Research Explorer

Sources

arXiv 1602.06997

Search this title in

Google Scholar
ISBN Search