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

  • Aggelos Kiayias
  • Alexander Russell
  • Bernardo David
  • Roman Oliynykov
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 10401)

Abstract

We present “Ouroboros”, the first blockchain protocol based on proof of stake with rigorous security guarantees. We establish security properties for the protocol comparable to those achieved by the bitcoin blockchain protocol. As the protocol provides a “proof of stake” blockchain discipline, it offers qualitative efficiency advantages over blockchains based on proof of physical resources (e.g., proof of work). We also present a novel reward mechanism for incentivizing Proof of Stake protocols and we prove that, given this mechanism, honest behavior is an approximate Nash equilibrium, thus neutralizing attacks such as selfish mining.

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Copyright information

© International Association for Cryptologic Research 2017

Authors and Affiliations

  • Aggelos Kiayias
    • 1
  • Alexander Russell
    • 2
  • Bernardo David
    • 3
  • Roman Oliynykov
    • 4
  1. 1.University of Edinburgh and IOHKEdinburghUK
  2. 2.University of ConnecticutStorrsUSA
  3. 3.Tokyo Institute of Technology and IOHKTokyoJapan
  4. 4.IOHKKievUkraine

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