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Blockchain transaction throughput of modern cryptocurrencies is limited and usually does not exceed tens transactions per second for the best solutions. There is significant difference in comparison to conventional payment systems like Visa and Mastercard that support thousands transactions per second. What technological solutions allow cryptocurrencies to get comparable throughput, keeping decentralization?
Agenda:
– tasks for consensus protocols and importance of decentralization in making decisions;
– classical proof-of-work protocols, their disadvantages and improvement directions;
– the first generation of proof-of-stake protocols and their vulnerabilities;
– modern provable secure proof-of stake protocols;
– Byzantine generals problem: BFT protocols for asynchronous networks, their limitations;
– new generation of scalable BFT protocols;
– DAG-based consensus protocols.
Speaker: Roman Oliynykov, Research fellow at Input Output HK (IOHK), Dr. Habil (crypto), professor at Information Systems and Technologies Security at V.N.Karazin Kharkiv National University.
Date: 5th of November
Location: Blockchain Hub Kyiv