Algorand Foundation E-book Shines a Light on Public Blockchains

Algorand Foundation E-book Earlier today, the official Digital Communities Champion account shared exciting news about their newly released e-book titled “Can a Public Blockchain Keep a Secret?” Authored by researchers from Algorand Foundation, the University of Waterloo, Columbia University, the University of Pennsylvania, Algorand Inc., and Boston University, the e-book delves into the intricacies of Algorand’s blockchain consensus mechanism, known as “Pure Proof of Stake.”

Algorand Foundation E-book Shines a Light on Public Blockchains

In the tweet, the account, HMD2V, proudly showcased a screenshot featuring a list of publications co-authored by researchers from the Algorand Foundation, highlighting the Foundation’s dedication to advancing blockchain technology. The common thread among these publications is the Algorand blockchain’s unique consensus mechanism, which relies on a “Verified Random Function” (VRF) acting as a lottery ticket, enabling nodes to exchange their block proposals during each round.

The Digital Communities Champion acknowledged that VRF is also utilized in other blockchains and gave credit to the VRF creator and Algorand founder, Silvio Micali. He went on to explain the mechanism, where each node broadcasts its block proposal and corresponding output to the entire network, ultimately reaching a consensus on the “winning” ticket with the lowest VRF output.

The probability of generating the winning VRF output is directly related to the stake held by a node, influencing both block proposals and committee rounds. Forging or counterfeiting VRF outputs is infeasible, as each output is accompanied by proof of correct execution, ensuring the process’s integrity and authenticity. The Digital Communities Champion emphasized the network’s unpredictability and randomness in selecting winners, providing robust security against potential manipulation by adversaries. Once consensus is achieved, there is no incentive for attackers to target the winner, allowing the blockchain to progress smoothly.

In conclusion, the innovative approach pioneered by Algorand Foundation researchers enables the sharing and re-sharing of secrets within small dynamic committees while maintaining participant anonymity until they erase their secrets. The system’s resilience even with up to a quarter of participants being corrupted highlights its robustness and efficiency in ensuring a secure and trustworthy public blockchain environment.