Related papers: Travelers: A scalable fair ordering BFT system
Distributed ledger systems, such as blockchains, rely on consensus protocols that commit ordered messages for processing. In practice, message ordering within these systems is often reward-driven. This raises concerns about fairness,…
A blockchain, such as Bitcoin, is an append-only, secure, transparent, distributed ledger. A fair blockchain is expected to have healthy metrics; high honest mining power, low processing latency, i.e., low wait times for transactions and…
Byzantine Fault-Tolerant (BFT) consensus protocols ensure agreement on transaction ordering despite malicious actors, but unconstrained ordering power enables sophisticated value extraction attacks like front running and sandwich attacks -…
Traditional blockchain design gives miners or validators full control over transaction ordering, i.e., they can freely choose which transactions to include or exclude, as well as in which order. While not an issue initially, the emergence…
The successive generations of consensus algorithms have progressively shifted the performance bottleneck of blockchains to the execution layer. While recent works address this by parallelizing transaction execution, they often overlook the…
Blockchain-based Distributed Ledgers (DLs) promise to transform the existing financial system by making it truly democratic. In the past decade, blockchain technology has seen many novel applications ranging from the banking industry to…
The recently proposed Transaction Fee Mechanism (TFM) literature studies the strategic interaction between the miner of a block and the transaction creators (or users) in a blockchain. In a TFM, the miner includes transactions that maximize…
Leader-based protocols for consensus, i.e., atomic broadcast, allow some processes to unilaterally affect the final order of transactions. This has become a problem for blockchain networks and decentralized finance because it facilitates…
Blockchains offer strong security gurarantees, but cannot protect users against the ordering of transactions. Players such as miners, bots and validators can reorder various transactions and reap significant profits, called the Maximal…
Byzantine Fault Tolerant (BFT) consensus exhibits higher throughput in comparison to Proof of Work (PoW) in blockchains. But BFT-based protocols suffer from scalability problems with respect to the number of replicas in the network. The…
Transaction ordering attacks extract billions of dollars annually from decentralized finance users in the form of Maximal Extractable Value (MEV). Byzantine Fault-Tolerant (BFT) consensus protocols guarantee total order but place no…
Financial institutions are currently looking into technologies for permissioned blockchains. A major effort in this direction is Hyperledger, an open source project hosted by the Linux Foundation and backed by a consortium of over a hundred…
The surging interest in blockchain technology has revitalized the search for effective Byzantine consensus schemes. In particular, the blockchain community has been looking for ways to effectively integrate traditional Byzantine…
Most public blockchain protocols, including the popular Bitcoin and Ethereum blockchains, do not formally specify the order in which miners should select transactions from the pool of pending (or uncommitted) transactions for inclusion in…
There is surge of interest to the blockchain technology not only in the scientific community but in the business community as well. Proof of Work (PoW) and Byzantine Fault Tolerant (BFT) are the two main classes of consensus protocols that…
With the advancement of blockchain systems, many recent research works have proposed distributed ledger technology~(DLT) that employs Byzantine fault-tolerant~(BFT) consensus protocols to decide which block to append next to the ledger.…
The paper presents Tendermint, a new protocol for ordering events in a distributed network under adversarial conditions. More commonly known as Byzantine Fault Tolerant (BFT) consensus or atomic broadcast, the problem has attracted…
Multi-Byzantine Fault Tolerant (Multi-BFT) consensus allows multiple consensus instances to run in parallel, resolving the leader bottleneck problem inherent in classic BFT consensus. However, the global ordering of Multi-BFT consensus…
This paper describes BigBFT, a multi-leader Byzantine fault tolerance protocol that achieves high throughput and scalable consensus in blockchain systems. BigBFT achieves this by (1) enabling every node to be a leader that can propose and…
Decentralized finance revolutionizes traditional financial systems by leveraging blockchain technology to reduce trust. However, some vulnerabilities persist, notably front-running by malicious actors who exploit transaction information to…