Communications of the ACM
Move Over Bitcoin--MIT Cryptographer Silvio Micali and His Public Ledger Algorand…the Future of Blockchain?
Massachusetts Institute of Technology professor Silvio Micali recently published a paper describing a decentralized, secure way to manage a shared ledger that provides a solution to the Byzantine General's problem.
Credit: the-blockchain.com
Massachusetts Institute of Technology professor Silvio Micali recently published a paper describing a decentralized and secure way to manage a shared ledger that provides a solution to the Byzantine General's problem.
Micali, who has received the 2012 ACM A.M. Turing Award, the 1993 Goedel Prize, and the 2004 RSA Prize in cryptography, developed a new approach to proof of work that cryptographically selects a set of verifiers in charge of constructing a block of valid transactions, including traditional Blockchains.
The overall concept is called cryptographic certation, which involves selecting a small group of people randomly and suddenly who will be in charge of the next block, and be rewarded with a percentage of the block transaction. In addition, the whole process will be executed in a way that cannot be manipulated by an adversary.
The group decides the next block by a redesigned Byzantine Agreement, in which a leader is picked randomly from the group. If the chosen leader is a bad choice, an agreement will not be able to be made and the group will receive no money.
"I believe the public ledger is going to be as beautiful and as useful as any physical infrastructure that we have created and I really urge you to devote all of your attention to it," Micali says.
From Blockchain News
View Full Article
Abstracts Copyright © 2017 Information Inc., Bethesda, Maryland, USA
No entries found