Academic Seminar (Course)
FENS L061
04.04.2024 - All Day
SEMINAR:Optimal Security in a Multi-chain World
Fifteen years after the invention of Bitcoin, there has been a proliferation of many permissionless blockchains. Each such chain provides a public ledger that can be written to and read from by anyone. In this multi-chain world, a natural question arises: what is the optimal security an existing blockchain, a consumer chain, can extract by only reading and writing to k other existing blockchains, the provider chains In this talk, we will answer this question in three ways: (1) We will first see a protocol, Babylon, where an off-the-shelf proof-of-stake protocol (acting as a consumer chain) checkpoints onto Bitcoin (the provider chain) to reduce its stake withdrawal delay and to resolve issues such as non-slashable long-range safety attacks, low liveness resilience and difficulty to bootstrap from low token valuation. (2) Applying the checkpointing method iteratively, we will then design a protocol called interchain timestamping, which enables a consumer chain to extract the maximum economic security from the provider chains, as quantified by the slashable safety resilience.