A reliable source of randomness is not only an essential building block in various cryptographic, security, and distributed systems protocols, but also plays an integral part in the design of many new blockchain proposals. Consequently, the topic of publicly-verifiable, bias-resistant and unpredictable randomness has recently enjoyed increased attention. In particular random beacon protocols, aimed at continuous operation, can be a vital component for current Proof-of-Stake based distributed ledger proposals. We improve upon previous random beacon approaches with HydRand, a novel distributed protocol based on publicly-verifiable secret sharing (PVSS) to ensure unpredictability, bias-resistance, and public-verifiability of a continuous sequence of random beacon values. Furthermore, HydRand provides guaranteed output delivery of randomness at regular and predictable intervals in the presence of adversarial behavior and does not rely on a trusted dealer for the initial setup. Compared to existing PVSS based approaches that strive to achieve similar properties, our solution improves scalability by lowering the communication complexity from O(n 3 ) to O(n 2 ). Furthermore, we are the first to present a detailed comparison of recently described schemes and protocols that can be used for implementing random beacons.
Merged mining refers to the concept of mining more than one cryptocurrency without necessitating additional proof-of-work effort. Although merged mining has been adopted by a number of cryptocurrencies already, to this date little is known about the effects and implications. We shed light on this topic area by performing a comprehensive analysis of merged mining in practice. As part of this analysis, we present a block attribution scheme for mining pools to assist in the evaluation of mining centralization. Our findings disclose that mining pools in merge-mined cryptocurrencies have operated at the edge of, and even beyond, the security guarantees offered by the underlying Nakamoto consensus for extended periods. We discuss the implications and security considerations for these cryptocurrencies and the mining ecosystem as a whole, and link our findings to the intended effects of merged mining.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.