Sequential Proof-of-Work for Fair Staking and Distributed Randomness Beacons.

Abstract

We propose a new Proof-of-Stake consensus protocol based on a Sequential Proof-of-Work constructed with a verifiable random function (VRF) and a verifiable delay function (VDF) that has the following properties: a) all addresses with positive stake can participate; b) is fair because the coin stake is proportional to the distribution of rewards; c) is resistant to several classic blockchain attacks such as Sybil attacks, Nothing-at-stake attacks and Winner-takes-all attacks. We call it Vixify Consensus. We introduce a variant of sequential Proof-of-Work puzzles with applications on Distributed Randomness Beacons.