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Bitcoin

White Paper

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.

bitcoin.pdf

Satoshi Nakamoto

Algorand

Algorand Theoretical Paper

A public ledger is a tamperproof sequence of data that can be read and augmented by everyone. Public ledgers have innumerable and compelling uses. They can secure, in plain sight, all kinds of transactions —such as titles, sales, and payments— in the exact order in which they occur. Public ledgers not only curb corruption, but also enable very sophisticated applications —such as cryptocurrencies and smart contracts. They stand to revolutionize the way a democratic society operates. As currently implemented, however, they scale poorly and cannot achieve their potential. Algorand is a truly democratic and efficient way to implement a public ledger. Unlike prior implementations based on proof of work, it requires a negligible amount of computation, and generates a transaction history that will not “fork” with overwhelmingly high probability.

5/26/2017

theoretical.pdf

White Papers | Algorand

Jing Chen

Silvio Micali

Algorand: Scaling Byzantine Agreements for Cryptocurrencies

Algorand uses a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions. To scale the consensus to many users, Algorand uses a novel mechanism based on Verifiable Random Functions that allows users to privately check whether they are selected to participate in the BA to agree on the next set of transactions, and to include a proof of their selection in their network messages. In Algorand’s BA protocol, users do not keep any private state except for their private keys, which allows Algorand to replace participants immediately after they send a message. This mitigates targeted attacks on chosen participants after their identity is revealed. We implement Algorand and evaluate its performance on 1,000 EC2 virtual machines, simulating up to 500,000 users. Experimental results show that Algorand confirms transactions in under a minute, achieves 125x Bitcoin’s throughput, and incurs almost no penalty for scaling to more users.

10/31/2018

algorand_agreement.pdf

White Papers | Algorand

Yossi Gilad

Rotem Hemo

Silvio Micali

Georgios Vlachos

Nickolai Zeldovich

Algorand Agreement - Super Fast and Partition Resilient Byzantine Agreement

We present a simple Byzantine agreement protocol with leader election, that works under > 2/3 honest majority and does not rely on the participants having synchronized clocks. When honest messages are delivered within a bounded worst-case delay, agreement is reached in expected constant number of steps when the elected leader is malicious, and is reached after two steps when the elected leader is honest. Our protocol is resilient to arbitrary network partitions with unknown length, and recovers fast after the partition is resolved and bounded message delay is restored. We will briefly discuss how the protocol applies to blockchains in a permissionless system. In particular, when an honest leader proposes a block of transactions, the first voting step happens in parallel with the block propagation. Effectively, after the block propagates, a certificate is generated in just one step of voting.

8/28/2021

2018-269.pdf

White Papers | Algorand

Jing Chen

Sergey Gorbunov

Silvio Micali

Georgios Vlachos

Vault: Fast Bootstrapping for the Algorand Cryptocurrency

Decentralized cryptocurrencies rely on participants to keep track of the state of the system in order to verify new transactions. As the number of users and transactions grows, this requirement becomes a significant burden, requiring users to download, verify, and store a large amount of data to participate. Vault is a new cryptocurrency design based on Algorand that minimizes these storage and bootstrapping costs for participants. Vault’s design is based on Algorand’s proof-of-stake consensus protocol and uses several techniques to achieve its goals. First, Vault decouples the storage of recent transactions from the storage of account balances, which enables Vault to delete old account state. Second, Vault allows sharding state across participants in a way that preserves strong security guarantees. Finally, Vault introduces the notion of stamping certificates, which allow a new client to catch up securely and efficiently in a proof-of-stake system without having to verify every single block. Experiments with a prototype implementation of Vault’s data structures show that Vault’s design reduces the bandwidth cost of joining the network as a full client by 99.7% compared to Bitcoin and 90.5% compared to Ethereum when downloading a ledger containing 500 million transactions.

2/24/2019

vault.pdf

White Papers | Algorand

Derek Leung

Adam Suhl

Yossi Gilad

Nickolai Zeldovich

Pixel: Multi-signatures for Consensus

In Proof-of-Stake (PoS) and permissioned blockchains, a committee of verifiers agrees and sign every new block of transactions. These blocks are validated, propagated, and stored by all users in the network. However, posterior corruptions pose a common threat to these designs, because the adversary can corrupt committee verifiers after they certified a block and use their signing keys to certify a different block. Designing efficient and secure digital signatures for use in PoS blockchains can substantially reduce bandwidth, storage and computing requirements from nodes, thereby enabling more efficient applications. We present Pixel, a pairing-based forward-secure multi-signature scheme optimized for use in blockchains, that achieves substantial savings in bandwidth, storage requirements, and verification effort. Pixel signatures consist of two group elements, regardless of the number of signers, can be verified using three pairings and one exponentiation, and support non-interactive aggregation of individual signatures into a multi-signature. Pixel signatures are also forward-secure and let signers evolve their keys over time, such that new keys cannot be used to sign on old blocks, protecting against posterior corruptions attacks on blockchains. We show how to integrate Pixel into any PoS blockchain. Next, we evaluate Pixel in a real-world PoS blockchain implementation, showing that it yields notable savings in storage, bandwidth, and block verification time. In particular, Pixel signatures reduce the size of blocks with 1500 transactions by 35% and reduce block verification time by 38%.

12/3/2019

2019-514.pdf

White Papers | Algorand

Manu Drijvers

Sergey Gorbunov

Hoeteck Wee

Gregory Neven

Solana

Solana Whitepaper

This paper proposes a new blockchain architecture based on Proof of History (PoH) - a proof for verifying order and passage of time between events. PoH is used to encode trustless passage of time into a ledger - an append only data structure. When used alongside a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS), PoH can reduce messaging overhead in a Byzantine Fault Tolerant replicated state machine, resulting inn sub-second finality times. This paper also proposes two algorithms that leverage the time keeping properties of the PoH ledger - a PoS algorithm that can recover from partitions of any size and an efficient streaming Proof of Replication (PoRep). The combination of PoRep and PoH provides a defense against forgery of the ledger with respect to time (ordering) and storage. The protocol is analyzed on a 1 gbps network, and this paper shows that throughput up to 710k transactions per second is possible with todays hardware.

solana-whitepaper.pdf

Derek Leung

Adam Suhl

Yossi Gilad

Nickolai Zeldovich

Axelar

Axelar Network: Connecting Applications with Blockchain Ecosystems

Multiple blockchain ecosystems are emerging that provide unique and distinct features attractive to users and application developers. However, communication across the ecosystems is very sparse and fragmented. To enable applications to communicate across blockchain ecosystems frictionlessly, we propose Axelar. Axelar stack provides a decentralized network, protocols, tools, and APIs that allow simple cross-chain communication. Axelar protocol suite consists of cross-border routing and transfer protocols. A decentralized open network of validators powers the network; anyone can join, use it, and participate. Byzantine consensus, cryptography, and incentive mechanisms are designed to achieve high safety and liveness requirements unique for cross-chain requests.

1/1/2021

axelar_whitepaper_v1.pdf

DeHive

Decentralized portfolio problems and solutions

DeHive provides a first-to-market decentralized crypto index protocol. The platform allows anyone to become a holder of the top DeFi tokens packed into one index. This index comprises leading DeFi assets that serve as a benchmark for the economic health of the crypto market. The DeHive protocol uses an in-built system of oracles to ensure the acquisition of the selected tokens at the best market price. As a result, the index is backed by a set of crypto assets in an optimal proportion for passive income generation. The DeHive platform provides an effective strategy for users to stake the token which represents the index and to benefit from yield farming opportunities. In addition, users can take part in DHV liquidity mining while staking the index.

4/1/2021

whitepaper.pdf

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