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Cryptocurrencies, such as Bitcoin and 250 similar alt-coins, embody at their core a blockchain protocol --- a mechanism for a distributed network of computational nodes to periodically agree on a set of new transactions. Designing a secure blockchain protocol relies on an open challenge in security, that of designing a highly-scalable agreement protocol open to manipulation by byzantine or arbitrarily malicious nodes. Bitcoin's blockchain agreement protocol exhibits security, but does not scale: it processes 3--7 transactions per second at present, irrespective of the available computation capacity at hand.
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Luu et al. (Mon,) studied this question.
www.synapsesocial.com/papers/6a0f2de0b7d829a1276c9b43 — DOI: https://doi.org/10.1145/2976749.2978389
Loi Luu
Viswesh Narayanan
Chaodong Zheng
National University of Singapore
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