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Proofs of Work POWs and Bread Pudding Protocols

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Proofs of Work POWs and Bread Pudding Protocols

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    1. Proofs of Work (POWs) and Bread Pudding Protocols

    2. Cryptography: About proofs of mathematical relations

    3. Some proofs Proof of Identity

    4. Some proofs Proof of Authorization (Signed Document)

    5. Proof of work?

    6. Proof of work (POW)

    7. Example of a POW (Hash inversion)

    8. What are POWs good for? Spam deterrent (DN94), Hash cash

    9. What are POWs good for? Benchmarking

    10. Formal notion of POW

    11. Breadpudding Idea: Re-use the ``stale computation in a POW to perform useful task Achieve privacy in useful task Example: Hash inversion POW for distributed MicroMint

    13. MicroMint Want a scheme that mimics economics of physical mint Verifying validity of a coin is easy Base minting cost is high so... Forgery is expensive

    14. The minting process

    15. Minting in MicroMint

    16. Checking a coin

    17. Features Many bins, so need to throw many balls to mint successfully Minting requires very intensive computation

    18. Minting requires special, e.g., $250,000 computer

    19. Another characteristic: Most balls are invalid

    20. Idea: Make three stage process

    21. Have many other (untrusted) people do Step 1

    22. Now... 99%+ of work is done for minter No participant will get enough balls to do minting himself/herself (or else participants know validity h but not throwing h) Minting is cheap for minter!

    23. Minter can use ordinary server

    24. Questions?

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