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Bitcoin main design principle
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PoW Based Distributed Cryptography with No Trusted Setup
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- 1 Intro
- 2 Bitcoin main design principle
- 3 Difference from the MPC literature
- 4 If "majority" is defined in terms of computing power
- 5 How is the computing power verified? Proofs of Work (Pows)
- 6 Proofs of Work - security
- 7 Bitcoin's implementation of the bulletin board
- 8 Problems with Bitcoin's solution
- 9 Satoshi's solution
- 10 Natural idea: start from scratch
- 11 Motivation
- 12 What is the "Bitcoin network model"?
- 13 Modeling computing power
- 14 Summary of our results (2/2)
- 15 Main tool: a "PoW-based secure broadcast protocol"
- 16 The adversary can send a bounded number of messages We assume that several parties can broadcast their messages at the same time.
- 17 Observation Proofs of Work make sense only when the challenge is not known in advance. Consider the following protocol
- 18 Idea: let every party Pi broadcast her challenger
- 19 A problem with this solution What if the adversary ignores r; of some honest party?
