Cryptocurrencies: Protocols for Consensus

Abstract

The novel feature of Bitcoin [N + 08] as a currency is that it is designed to be decentralised, i.e., to be run without the use of a central bank, or any centralised point of control. Beyond simply serving as currencies, however, cryptocurrencies like Bitcoin are really protocols for reaching consensus over a decentralised network of users. While running currencies is one possible application of such protocols, one might consider broad swathes of other possible applications. As one example, we have already seen