Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol

  title={Ouroboros: A Provably Secure Proof-of-Stake Blockchain Protocol},
  author={Aggelos Kiayias and Alexander Russell and Bernardo Machado David and R. Oliynykov},
We present “Ouroboros”, the first blockchain protocol based on proof of stake with rigorous security guarantees. We establish security properties for the protocol comparable to those achieved by the bitcoin blockchain protocol. As the protocol provides a “proof of stake” blockchain discipline, it offers qualitative efficiency advantages over blockchains based on proof of physical resources (e.g., proof of work). We also present a novel reward mechanism for incentivizing Proof of Stake protocols… 
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