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Analyzing the Real-World Security of the Algorand Blockchain

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conference contribution
posted on 2024-04-24, 13:34 authored by Erica Blum, Derek Leung, Julian LossJulian Loss, Jonathan Katz, Tal Rabin
The Algorand consensus protocol is interesting both in theory and in practice. On the theoretical side, to achieve adaptive security, it introduces the novel idea of player replaceability, where each step of the protocol is executed by a different randomly selected committee whose members remain secret until they send their first and only message. The protocol provides consistency under arbitrary network conditions and liveness under intermittent network partitions. On the practical side, the protocol is used to secure the Algorand cryptocurrency, whose total value is approximately 850M at the time of writing. The Algorand protocol in use differs substantially from the protocols described in the published literature on Algorand. Despite its significance, it lacks a formal analysis. In this work, we describe and analyze the Algorand consensus protocol as deployed today in Algorand's ecosystem. We show that the overall protocol framework is sound by characterizing network conditions and parameter settings under which the protocol can be proven secure.

History

Editor

Meng W ; Jensen CD ; Cremers C ; Kirda E

Primary Research Area

  • Algorithmic Foundations and Cryptography

Name of Conference

ACM Conference on Computer and Communications Security (CCS)

Journal

CCS

Page Range

830-844

Publisher

Association for Computing Machinery (ACM)

Open Access Type

  • Hybrid

BibTeX

@conference{Blum:Leung:Loss:Katz:Rabin:2023, title = "Analyzing the Real-World Security of the Algorand Blockchain", author = "Blum, Erica" AND "Leung, Derek" AND "Loss, Julian" AND "Katz, Jonathan" AND "Rabin, Tal", editor = "Meng, Weizhi" AND "Jensen, Christian Damsgaard" AND "Cremers, Cas" AND "Kirda, Engin", year = 2023, month = 11, journal = "CCS", pages = "830--844", publisher = "Association for Computing Machinery (ACM)", doi = "10.1145/3576915.3623167" }