TwinsCoin: A Cryptocurrency via Proof-of-Work and Proof-of-Stake

  title={TwinsCoin: A Cryptocurrency via Proof-of-Work and Proof-of-Stake},
  author={Alexander Chepurnoy and Tuyet Duong and Lei Fan and Hong-Sheng Zhou},
  booktitle={BCC '18},
We design and implement TwinsCoin, the first cryptocurrency based on a provably secure and scalable public blockchain design using both proof-of-work and proof-of-stake mechanisms. Different from the proof-of-work based Bitcoin, our construction uses two types of resources, computing power and coins (i.e., stake). The blockchain in our system is more robust than that in a pure proof-of-work based system; even if the adversary controls the majority of mining power, we can still have the chance… 

Figures from this paper

2-hop Blockchain: Combining Proof-of-Work and Proof-of-Stake Securely

This work proposes a novel 2-hop blockchain protocol that combines PoW and proof-of-stake mechanisms and shows that the protocol is secure as long as the honest players control a majority of the collective resources (which consist of both computing power and stake).

A Survey on Security and Privacy Issues of Bitcoin

This paper presents a systematic survey that covers the security and privacy aspects of Bitcoin, and reviews the existing vulnerabilities in Bitcoin and its major underlying technologies such as blockchain and PoW-based consensus protocol.

On Proof-of-Accuracy Consensus Protocols

This paper presents a detailed proposal of a proof-of-accuracy protocol, which aims to democratize the miners' participation within a blockchain, control the miners’ computing power, and mitigate the majority attacks.

On the Security of Proof-of-Stake Directed Acyclic Graph Protocols

The findings show that PoS DAG protocols have the potential to solve two of the major limitations of traditional blockchains, but before adopting them, one needs to specifically check for mechanisms to prevent message spamming or a lack thereof.

Minotaur: Multi-Resource Blockchain Consensus

This work puts forth Minotaur, a multi-resource blockchain consensus protocol that combines proof-of-work (PoW) and proof- of-stake (PoS) and proves it optimally fungible, and demonstrates the ability of Minotaur to handle a higher degree of work fluctuation as compared to the Bitcoin blockchain.

e-PoS: Making Proof-of-Stake Decentralized and Fair

This work proposes a modular version of PoS-based blockchain systems called e-PoS that resists the centralization of network resources by extending mining opportunities to a wider set of stakeholders and leverages the in-built system operations to promote fair mining practices by penalizing malicious entities.

Checking laws of the blockchain with property-based testing

  • A. ChepurnoyMayank Rathee
  • Mathematics, Computer Science
    2018 International Workshop on Blockchain Oriented Software Engineering (IWBOSE)
  • 2018
This paper proposes a suite of abstract property tests that check whether a blockchain system satisfies laws that most blockchain and blockchain-like systems should satisfy, and provides examples of laws.

Lay Down the Common Metrics: Evaluating Proof-of-Work Consensus Protocols' Security

It is concluded that to date, no PoW protocol achieves ideal chain quality or is resistant against all three attacks, and a multi-metric evaluation framework is introduced to quantitatively analyze PoW protocols' chain quality and attack resistance.

A Template for Alternative Proof of Work for Cryptocurrencies

  • Sajedul TalukderRiley Vaughn
  • Computer Science, Mathematics
    2021 International Conference on Smart Generation Computing, Communication and Networking (SMART GENCON)
  • 2021
The focus is not to directly decrease energy consumption, but to allow for more useful and pragmatic computation to come from Proof of Work, such that energy is saved by not running these computational tasks separately.



2-hop Blockchain: Combining Proof-of-Work and Proof-of-Stake Securely

This work proposes a novel 2-hop blockchain protocol that combines PoW and proof-of-stake mechanisms and shows that the protocol is secure as long as the honest players control a majority of the collective resources (which consist of both computing power and stake).

Ouroboros Praos: An adaptively-secure, semi-synchronous proof-of-stake protocol

“Ouroboros Praos” is a new proof-of-stake blockchain protocol that provides, for the first time, a robust distributed ledger that is provably secure in the semi-synchronous adversarial setting and fully adaptively secure.

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

“Ouroboros” is presented, the first blockchain protocol based on proof of stake with rigorous security guarantees and it is proved that, given this mechanism, honest behavior is an approximate Nash equilibrium, thus neutralizing attacks such as selfish mining.

Speed-Security Tradeo s in Blockchain Protocols

This work investigates the tradeo between provable security and transaction processing speed viewing the latter as a function of the block generation rate, and introduces a new formal property of blockchain protocols, called chain growth, and shows it is fundamental for arguing the security of a robust transaction ledger.

ALGORAND: The Efficient and Democratic Ledger

Algorand significantly enhances all applications based on a public ledger: payments, smart contracts, stock settlement, etc, but, for concreteness, it shall be described only as a money platform.

SPECTRE: A Fast and Scalable Cryptocurrency Protocol

SPECTRE is presented, a new protocol for the consensus core of crypto-currencies that remains secure even under high throughput and fast confirmation times, and can operate at high block creation rates, which implies that its transactions confirm in mere seconds.

On Trees, Chains and Fast Transactions in the Blockchain

This work studies from a provable security point of view the GHOST protocol, touted as offering superior performance compared to Bitcoin (potentially offering block production speed up by a factor of more than 40) without a security loss.

Proof of Activity: Extending Bitcoin's Proof of Work via Proof of Stake [Extended Abstract]y

A new protocol for a cryptocurrency, that builds upon the Bitcoin protocol by combining its Proof of Work component with a Proof of Stake type of system that offers good security against possibly practical attacks on Bitcoin, and has a relatively low penalty in terms of network communication and storage space.

Snow White: Provably Secure Proofs of Stake

It is argued that any consensus protocol satisfying functionalities and robustness requirements can be used for proofs-of-stake, as long as money does not switch hands too quickly, and this work is the first to formally articulate a set of requirements for consensus candidates for proofs ofstake.

PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake

Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run thus providing an energyefficient and more cost-competitive peer-to-peer crypto-currency.