Project Description

Probably one of the most revolutionary technologies of the 21st century are blockchains. Although they are in their simplest form nothing else than distributed databases with immutable histories, their application has the power to disrupt many economies. For example, banks can be replaced by a blockchain technologies with the astonishing effect that no central authority controls the financial assets; rather they are distributed over the Blockchain network where every individual can become a node. Blockchains can empower low-fee or no-fee transaction over the Internet, making micropayments of, say a nano cent, possible.

Although recently various Blockchains have been proposed, still most suffer from high-latencies and hidden transaction costs (e.g., mining fees). Our challenge is to research novel consensus protocols making micropayments feasible in byzantine environments. 

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