Past Meetup

PWL #40: FLP and Bitcoin

This Meetup is past

16 people went

Location image of event venue

Details

PWL Mini:
Vaidhy presents the FLP impossibility result
(https://homes.cs.washington.edu/~arvind/cs425/doc/fischer.pdf)

“The consensus problem involves an asynchronous system of processes, some of which may be unreliable. The problem is for the reliable processes to agree on a binary value. In this paper, it is shown that every protocol for this problem has the possibility of nontermination, even with only one faulty process. By way of contrast, solutions are known for the synchronous case, the “Byzantine Generals” problem.” The Main Event:
John presents Bitcoin: A Peer-to-Peer Electronic Cash System
(https://bitcoin.org/bitcoin.pdf)

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers."

Big ups to Comcast Technology Solutions (https://www.comcasttechnologysolutions.com) for hosting!

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