QuickSync: A Quickly Synchronizing PoS-Based Blockchain Protocol. (arXiv:2005.03564v4 [cs.CR] UPDATED)

To implement a blockchain, we need a blockchain protocol for all the nodes to
follow. To design a blockchain protocol, we need a block publisher selection
mechanism and a chain selection rule. In Proof-of-Stake (PoS) based blockchain
protocols, block publisher selection mechanism selects the node to publish the
next block based on the relative stake held by the node. However, PoS
protocols, such as Ouroboros v1, may face vulnerability to fully adaptive
corruptions.

In this paper, we propose a novel PoS-based blockchain protocol, QuickSync,
to achieve security against fully adaptive corruptions while improving on
performance. We propose a metric called block power, a value defined for each
block, derived from the output of the verifiable random function based on the
digital signature of the block publisher. With this metric, we compute chain
power, the sum of block powers of all the blocks comprising the chain, for all
the valid chains. These metrics are a function of the block publisher’s stake
to enable the PoS aspect of the protocol. The chain selection rule selects the
chain with the highest chain power as the one to extend. This chain selection
rule hence determines the selected block publisher of the previous block. When
we use metrics to define the chain selection rule, it may lead to
vulnerabilities against Sybil attacks. QuickSync uses a Sybil attack resistant
function implemented using histogram matching. We prove that QuickSync
satisfies common prefix, chain growth, and chain quality properties and hence
it is secure. We also show that it is resilient to different types of
adversarial attack strategies. Our analysis demonstrates that QuickSync
performs better than Bitcoin by an order of magnitude on both transactions per
second and time to finality, and better than Ouroboros v1 by a factor of three
on time to finality.