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CIS Seminar:”Improving the Privacy, Scalability, and Ecological Impact of Blockchains”

February 10, 2022 at 3:30 PM - 4:30 PM
Details
Date: February 10, 2022
Time: 3:30 PM - 4:30 PM
  • Event Tags:
  • Organizer
    Computer and Information Science
    Phone: 215-898-8560
    Venue
    Wu and Chen Auditorium (Room 101), Levine Hall 3330 Walnut Street
    Philadelphia
    PA 19104
    Google Map

    Blockchains are an exciting area of research that touches on many areas of Computer Science and beyond.   This technology has the potential to enable a fast, cheap, and private financial system based on distributed consensus and cryptography, instead of trusted parties.  Despite this potential, the reality still shows severe limitations of blockchains: (i) transactions can cost hundreds of dollar and take minutes to confirm, (ii) some blockchains offer little privacy, and (iii) proof-of-work consensus consumes too much energy.  In this talk, I will discuss powerful techniques that follow a prover paradigm and can mitigate these limitations.  The first technique, called Bulletproofs, is a general-purpose zero-knowledge proof system that is specifically designed to enable confidential blockchain transactions. Bulletproofs requires minimal trust assumptions and gives the shortest zero-knowledge proofs without trusted setup. The system is widely deployed and powers tens of thousands of private blockchain transactions per day.   The second technique, called inner pairing products, is a way to aggregate many zero knowledge proofs into a single short proof. This can significantly reduce on-chain data, leading to a significant increase in transactions per second that the chain can process.   The third technique is a new concept called a verifiable delay function (VDF) that is vital for permission-less and eco-friendly consensus. VDFs are already deployed in Filecoin and Chia, and are planned for Ethereum 2.0, the upcoming upgrade to Ethereum.