Explore a groundbreaking approach to blockchain scaling in this 17-minute IEEE conference talk. Delve into OHIE, a novel permissionless blockchain protocol designed for simplicity and scalability. Learn how OHIE achieves linear scaling with available bandwidth by composing multiple parallel instances of Bitcoin's original backbone protocol. Discover the formal proof of OHIE's safety and liveness properties, and examine its performance through large-scale experiments involving up to 50,000 nodes. Understand how OHIE achieves 4-10Mbps transaction throughput and significantly improved decentralization compared to previous solutions. Follow the presentation as it covers the importance of simplicity in blockchain design, the security model, mining processes, and innovative solutions to challenges such as slow instances and distributed virtual size assignment.
Overview
Syllabus
Intro
Throughput of blockchains
Simplicity is important
Problem statement
Security model
Mining: Single Nakamoto Consensus instance
Mining on 1024 instances simultaneously
How many parallel instances to use?
Ordering blocks on 1 instance
Problem of the baseline design
Dealing with slow instances
Assign virtual size in a distributed way
Virtual sizes chosen by the adversary
Taught by
IEEE Symposium on Security and Privacy
