TL;DR
Pravuil introduces a new blockchain consensus protocol that achieves high security, scalability, and decentralization simultaneously, overcoming limitations of existing systems like Bitcoin and enabling more efficient and stable cryptocurrencies.
Contribution
The paper presents Pravuil, a novel consensus protocol that addresses scalability, security, and decentralization issues in permissionless blockchains, surpassing prior solutions.
Findings
Achieves lower transaction confirmation times at high demand
Provides higher security at reduced costs
Ensures greater decentralization than existing permissionless blockchains
Abstract
Pravuil is a robust, secure, and scalable consensus protocol for a permissionless blockchain suitable for deployment in an adversarial environment such as the Internet. Pravuil circumvents previous shortcomings of other blockchains: - Bitcoin's limited adoption problem: as transaction demand grows, payment confirmation times grow much lower than other PoW blockchains - higher transaction security at a lower cost - more decentralisation than other permissionless blockchains - impossibility of full decentralisation and the blockchain scalability trilemma: decentralisation, scalability, and security can be achieved simultaneously - Sybil-resistance for free implementing the social optimum - Pravuil goes beyond the economic limits of Bitcoin or other PoW/PoS blockchains, leading to a more valuable and stable crypto-currency
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