Categories: Ethereum

Protocol Labs and Ethereum Foundation Team Up to Research Verifiable Delay Functions

Click here to view original web page at cointelegraph.com

Filecoin owner Protocol Labs is collaborating with the Ethereum Foundation to develop a Verifiable Delay Function (VDF). The company announced the partnership in a blog post on April 19.

VDFs are a relatively new cryptographic primitive that can protect systems relying on the generation of (pseudo) random values from manipulation strategies or attack.

Examples of everyday use cases include picking a lottery winner on the blockchain, as VDFs could help stop miners from intervening with a block hash to win the jackpot. Dan Boneh, one of the researchers who introduced the concept in a paper last June, explained that VDFs are a way to “slow things down verifiably.”

Protocol Labs says additional research is required to make them more robust, as it is still possible for malicious actors with custom hardware to break the security of the protocols that depend on VDFs. The team explained:

“This is an investment towards building publicly-verifiable randomness and VDFs as novel tools in the arsenals of cryptographers and decentralization projects.”

The blog post added that a successful outcome would be a big development in applied cryptography and distributed systems, noting that its use would apply beyond blockchain.

Protocol Labs and the Ethereum Foundation are planning to evaluate and co-fund grants to research the feasibility of developing optimized hardware for running a VDF. The blog post notes that this aims to help eliminate the “knowable uncertainty around the length of the verifiable delay based on the speed and quality of the hardware being used to generate it.”

A new website has been created to mark the partnership, and both organizations say they are open to hearing from academic institutions and manufacturers who want to get involved. A competition to research the fastest VDF construction is also in the pipeline.

In February, the Ethereum Foundation had denied that it was planning to spend $15 million on the development of VDFs for use in its transition to a proof-of-stake network. The amount of money to be spent in the development of VDFs with this new partnership is not disclosed.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: decentral eth ether

Recent Posts

  • Bitcoin Business

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More

2 hours ago
  • Bitcoin Business

The blockchain/crypto week in quotes

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.” US… Read More

2 hours ago
  • Bitcoin Business

Art and watch collectors: Here’s how blockchain can stamp out fakes

According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More

2 hours ago
  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

8 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

8 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More