On Mining

Decentralization, n. The security assumption that a nineteen year old in Hangzhou and someone who is maybe in the UK, and maybe not, have not yet decided to collude with each other. [Read More]

Ethereum Project Update

Development of the Ethereum project has gone very well over the months since inception.  The core activity — development of the software platform — is on track and many developers around the world are starting to build small, exploratory distributed applications on the platform, even though we are still not... [Read More]

What If Ethereum Lived on a Treap? Or, Blockchains Charging Rent

Although truly solving blockchain scalability fundamentally, that is to say figuring out a solution to the problem that every node must process every transaction, is a very hard problem, and all suggested solutions rely on either highly advanced cryptography or intricate multi-blockchain architectures, partial solutions that provide a constant-factor improvement... [Read More]

On Long-Term Cryptocurrency Distribution Models

One of the challenges when creating a new cryptocurrency is figuring out what the distribution model is going to be. Who is going to receive the currency units, at what time, and what is the mechanism that decides? Despite the crucial importance of this question, there has actually been comparatively... [Read More]

Long-Range Attacks: The Serious Problem With Adaptive Proof of Work

Our current proof of work design, blockchain-based proof of work, is the second iteration of our attempt to create a mining algorithm that is guaranteed to remain CPU-friendly and resistant to optimization by specialized hardware (ASICs) in the long term. Our first attempt, Dagger, tried to take the idea of... [Read More]