Published On: Tue, Aug 22nd, 2017

Op Ed: A Cryptographic Design Perspective of Blockchains: From Bitcoin to Ouroboros

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How does one design a blockchain protocol? Back in 2013, while in Athens, I set out to design a non-proof-of-work-based blockchain protocol motivated by the debt crisis in Greece, looming bank liquidity problems and the increasing discussions about the possibility of having a parallel currency. The new protocol had to be based on proof of stake to make sure that it can run even on cellphones and be secure independent of any computational power existing that is external to it.Very soon it became clear that the problem was going to need much more than a few months’ work. Fast-forward …

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