An investigation on the consensus algorithms of blockchain systems

Ethereum has implemented a blockchain system which creates consensus on the state of a general purpose virtual machine, the EVM, allowing users to execute functions to support dApps beyond simple token transactions. While these functions can reach consensus by Proof-of-Work(PoW) consensus algorithm, we find out that when the execution requires non-trivial computation effort, practical attacks exist which lead to incorrect results. The reason is that the PoW system is not designed with Incentive Compatibility. We call this the verifier’s dilemma[1]. And a resolution is proposed to solve this dilemma by a…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store