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Flux: Revisiting Near Blocks for Proof-of-Work Blockchains

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Flux: Revisiting Near Blocks for Proof-of-Work Blockchains

  1. 1. Revisiting Near Blocks for Proof-of-Work Blockchains Alexei Zamyatin Centre for Cryptocurrency Research and Engineering (IC3RE) Imperial College London
  2. 2. Motivation Permissionless blockchains  Dynamic set of pseudonymous participants Consensus rule changes require the majority of participants to comply Problem: can lead to permanent chain splits Solution = velvet forks? Source: mapofcoins.com/bitcoin
  3. 3. The Flux Protocol Extension + Reduced mining variance + Faster fork detection + Better responsiveness (transactions) + Potentially improved secrutiy properties • Reuse near-miss PoW solutions • Share rewards among participating miners • Heaviest chain branch selection policy • Incremental transaction processing
  4. 4. Taking a Glance at Selfish Mining 10% adoption 50% adoption  Attacks on Flux miners are less effective than standard selfish mining in Bitcoin

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