BlockFin: The leaderless, async, BFT consensus algorithm from Storecoin
It's a common belief that public blockchains can't be both scalable and decentralized -- they suffer from the scalability trilemma.
Our team at Storecoin has invented a leaderless, asynchronous, Byzantine Fault-Tolerant (BFT) consensus algorithm called BlockFin that solves for this.
How Storecoin solves for both scalability and decentralization without sharding, off-chain transactions, level 2, etc.
Storecoin’s leader-free, BFT consensus algorithm BlockFin, validates blocks in a pipelined process.
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BlockFin is a two-tier network of Validator nodes and Messagenodes, each with specific roles, assemble and validate blocks using a cryptographically secure process. At launch, we expect 5,000+ transactions per second and for throughput to increase as transaction demand increases.
BlockFin separates the block creation and the block validation steps so they can be pipelined and run in parallel. BlockFin addresses the waste problem arising from chain forks, which is a common occurrence in all blockchains, by first creating a chain of empty blocks and then assembling the transactions into those blocks and validating them in a pipelined, cryptographically secure process. This improves scalability because block creation is not a serial, one-block-at-a-time process. The separation of responsibility is achieved with a two-tier network of nodes where one tier assembles the blocks while the other, validates the assembled blocks. BlockFin requires all the nodes in respective tiers to participate in the block creation process, thus ensuring greater decentralization and censorship resistance. There are no leaders elected to create the blocks and all the nodes share the block reward for every block they help secure. This equitable economic model is designed to eliminate any advantage to profiting from violating the protocol
Our CTO Rag recently produced a high-level video walkthrough of Storecoin's BlockFin consensus algorithm, discusses the simulation setup, provides a high-level walkthrough of simulation code, runs the simulation and discusses the output, and finally demonstrates the consensus with a large number of node instances to prove that nothing is hard-coded.
This video is the first of five public deliverables for BlockFin.
Public peer review for the BlockFin consensus algorithm will begin in 2019. We'll be releasing code to test out, as well.
BlockFin consensus algorithm peer review
Storecoin's research program grants $1,000+ of individual bounties for research in areas around STORE governance, economics, security, consensus, and distribution. Researchers will be invited to present at GovCon 2019, Storecoin’s first-ever conference in San Francisco.
Storecoin's one-entity, one-vote governance of checks and balances is the coordination mechanism for the zero-fee payments protocol.
BlockFin(Storecoin’s BFT consensus algorithm)
Research BLS signature aggregation to mitigate the large number of signatures created during block validation process. Every block contains the signatures of *all* the validators who have signed the block. This is required for the security, but at the same time, can add unnecessary overhead for every block. With BLS or Schnorr signature aggregation, just one aggregated signature is stored in the block.
Research how Storecoin's democratic, p2p governance of checks and balances *might* be able to bring decentralized and global governance to a centralized mega-company like Facebook. Every country has a vote in a dual-chamber governance and the countries themselves can collectively overrule Facebook.
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