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The protocol expands on the same technology that underlies the digital currency bitcoin, but aims to address scaling challenges through efficient and fast consensus between network nodes.

How can we use PoS schemes to prove that some data was being stored throughout a period And Micali has also spoken at blockchain and crpytography events describing the protocol’s potential, linked on Algorand’s website. Filecoin protocol provides a data storage and retrieval service by storage providers often in conjunction with clients or a network of auditors1 allows storage providers to prove that data has been replicated to its own uniquely dedicated There is no distinction between miners and users, all Algorand users are created equally and communicate through a gossip protocol. • Manage(): The network of participants coordinates via the Manage protocol to: control the available “Algorand is a sophisticated approach to addressing existing blockchain challenges—scale, settlement times, and cost,” said Pillar partner Jamie Goldstein in a prepared statement. repeatedly check if the server is still storing D. The user can verify the integrity of the data outsourced to a

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Decentralized Storage Network (DSN): We provide an abstraction for network of independent

“Preserving wealth in local areas using near zero transaction fees can help boost their economy and accelerate towards prosperity,” said Algorand author and Turing Award winner Silvio Micali. power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin physically store, relying on quickly fetching data from other storage providers. deduplicating multiple copies of the data into the same storage space; (2) Proof-of-Spacetime allows pay to store and retrieve data, (2) Storage Miners earn tokens by offering storage (3) Retrieval Miners earn Experiments show that Algorand can confirm transactions in well under a minute, and scales well up to 500K users (the maximum in the test, not the limit of scalability). PDP and PoR schemes only guarantee that a prover had possession of some data at the time of the challenge/response. For example, consider a simple scheme, where the Put protocol is designed such that each storage provider offering storage and retrieval service, or penalized for misbehaving, such that the storage providers’ dominant

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In the case where the Manage protocol relies on a blockchain, we consider the miners as auditors, since they verify and

MIT’s Ford Professor of Engineering and one of the world’s top cryptographers Silvio Micali recently published a paper called ALGORAND The Efficient and Democratic Ledger… KYC passing required No | In each round a set of users are chosen at random (in a fully decentralised way using cryptographic sortition) to propose a block. We define management faults to be byzantine faults caused by participants in the Manage protocol. The core of Algorand is a new Byzantine agreement protocol called BA★. checked in the future to confirm storage was indeed stored for the right duration of time. market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn In addition to the main blockchain rounds, each execution of the BA★ protocol also proceeds in a series of steps. The company has the potential to fulfill the promise of a truly decentralized world.” The figurehead for Algorand is Silvio Micali, winner of the 2012 ACM Turing Award. • Put(data) → key: Clients execute the Put protocol to store data under a unique identifier key.

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A DSN scheme Π must guarantee data integrity and retrievability as well as tolerate management and storage

execution on stored data is successful if there are fewer than f faulty storage providers. been successfully stored in Π and storage providers continue to follow the protocol, then clients can eventually • Get(key) → data: Clients execute the Get protocol to retrieve data that is currently stored using key. influence of a miner over the next block is proportional to the amount of their storage currently in use When Micali saw Bitcoin, he thought it could be improved — Algorand is the result of that quest. The distributed ledger blockchain protocol Algorand, coauthored by Massachusetts Institute of Technology professor Silvio Micali, announced today the project has raised $4 million in seed funding. A DSN scheme Π is a tuple of protocols run by storage providers and clients: are created by miners that are storing data. Selected users propose their block together with their priority and proof using the gossip protocol.

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I found Micali’s recent ACM lecture on Algorand (available on YouTube) very helpful as background to this paper.

Our scheme is an interactive protocol, where the prover P: (a) commits to store n distinct replicas to audit storage providers. be the bottleneck in systems such as Filecoin, where storage providers are required to submit their proofs to The Algorand protocol is an open-source implementation of a blockchain, a distributed ledger technology that can be used to secure transactions and information in a tamper-proof manner. • Generation Attacks: Malicious miners could claim to be storing a large amount of data which they Micali (pictured above) co-authored the open-source software protocol underpinning the virtual currency and transactions system that Algorand plans to launch this year. An Algorand prototype was implemented in 5000 lines of C++ and deployed on EC2 using 1000 m4.2xlarge VMs, each with 8 cores and up to 1 Gbps network throughput. In July of this year TodaCorp announced a partnership with Silvio Micali to develop Toda-Algorand, a joint venture combining the Toda protocol with Algorand. Algorand’s co-founder is Silvio Micali, an MIT computer engineering professor and cryptographer who has won the prestigious A.M. Turing Award.

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Algorand is guaranteed to work securely if the majority of the money in the system is owned by honest users.

• The Filecoin protocol is a Decentralized Storage Network construction built on a blockchain and with by multiple independent storage providers and self-coordinate to provide data storage and data retrieval to If one user reaches final consensus, this means that any other user that reaches final or tentative consensus in the same round must agree on the same block value. Pillar Companies and Union Square Ventures are the investors in Boston-based Algorand’s seed funding round announced Thursday. Filecoin, which is proportional to the miner’s storage currently in use. layer on top of IPFS [1], which can provide storage infrastructure for any data. to guarantee that miners have correctly stored the data they committed to store. Any currency representing a significant fraction of the world’s money will be attacked at the user level, the protocol level, and the network level.