A New Look at Blockchain Leader Election: Simple, Efficient, Sustainable and Post-Quantum
Muhammed F. Esgin, Oğuzhan Ersoy, Veronika Kuchta, Julian Loss, Amin Sakzad, Ron Steinfeld, Xiangwen Yang, Raymond K. Zhao
Abstract
In this work, we study the blockchain leader election problem. The purpose of such protocols is to elect a leader who decides on the next block to be appended to the blockchain, for each block proposal round. Solutions to this problem are vital for the security of blockchain systems. We introduce an efficient blockchain leader election method with security based solely on standard assumptions for cryptographic hash functions (rather than public-key cryptographic assumptions) and that does not involve a racing condition as in Proof-of-Work based approaches. Thanks to the former feature, our solution provides the highest confidence in security, even in the post-quantum era. A particularly scalable application of our solution is in the Proof-of-Stake setting, and we investigate our solution in the Algorand blockchain system. We believe our leader election approach can be easily adapted to a range of other blockchain settings.