Solida: A Blockchain Protocol Based on Reconfigurable Byzantine Consensus

Understand

The decentralized cryptocurrency Bitcoin has experienced great success but also encountered many challenges.

• One of the challenges has been the long confirmation time.
• Another challenge is the lack of incentives at certain steps of the protocol, raising concerns for transaction withholding, selfish mining, etc.
• To address these challenges, we propose Solida, a decentralized blockchain protocol based on reconfigurable Byzantine consensus augmented by proof-of-work.