Summary:
We present a distributed ”proof-of-stake” e-cash system that can tolerate an
adversary
controlling up to 1/3 of the stake. We argue that bitcoin’s proof-of-work can
be replaced
to some extent by an unbiased source of randomness and an assumption on the
volatility
of honest players’ majority during each user’s offline time. Also we describe a
way for
players to insert unbiased randomness into the blockchain.
Keywords:
cryptocurrency, bitcoin, proof of stake, unbiased randomness, proof of security
