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Babylon: Reusing Bitcoin Mining to Enhance Proof-of-Stake Security. (arXiv:2201.07946v1 [cs.CR])
Jan. 21, 2022, 2:20 a.m. | Ertem Nusret Tas, David Tse, Fisher Yu, Sreeram Kannan
cs.CR updates on arXiv.org arxiv.org
Bitcoin is the most secure blockchain in the world, supported by the immense
hash power of its Proof-of-Work miners, but consumes huge amount of energy.
Proof-of-Stake chains are energy-efficient, have fast finality and
accountability, but face several fundamental security issues: susceptibility to
non-slashable long-range safety attacks, non-slashable transaction censorship
and stalling attacks and difficulty to bootstrap new PoS chains from low token
valuation. We propose Babylon, a blockchain platform which combines the best of
both worlds by reusing the immense …
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