descriptionPublicationkeyboard_double_arrow_right Article , Preprint 04 Jan 2016Embargo end date: 01 Jan 2014Publisher:ACMJournal:Proceedings of the 17th International Conference on Distributed Computing and Networking

Authors: Jochen Seidel; Christian Decker; Roger Wattenhofer;

doi: 10.1145/2833312.2833321 , 10.48550/arxiv.1412.7935

arXiv: http://arxiv.org/abs/1412.7935

Bitcoin meets strong consistency

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Abstract

The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong consistency. Our system, PeerCensus, acts as a certification authority, manages peer identities in a peer-to-peer network, and ultimately enhances Bitcoin and similar systems with strong consistency. Our extensive analysis shows that PeerCensus is in a secure state with high probability. We also show how Discoin, a Bitcoin variant that decouples block creation and transaction confirmation, can be built on top of PeerCensus, enabling real-time payments. Unlike Bitcoin, once transactions in Discoin are committed, they stay committed.

Related Organizations

ETH Zurich
Switzerland
ETH-Zurich
Switzerland
ETH Zurich

Keywords

FOS: Computer and information sciences, Computer Science - Cryptography and Security, Computer Science - Distributed, Parallel, and Cluster Computing, Distributed, Parallel, and Cluster Computing (cs.DC), Cryptography and Security (cs.CR)

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