Skip to main content Accessibility help
×
Hostname: page-component-586b7cd67f-t7fkt Total loading time: 0 Render date: 2024-11-24T23:44:50.705Z Has data issue: false hasContentIssue false

Part II - Technological Underpinnings of Web3

Published online by Cambridge University Press:  21 November 2024

Ken Huang
Affiliation:
DistributedApps.ai
Youwei Yang
Affiliation:
Bit Mining Limited
Fan Zhang
Affiliation:
Yale University, Connecticut
Xi Chen
Affiliation:
New York University
Feng Zhu
Affiliation:
Harvard Business School
Get access
Type
Chapter
Information
Web3
Blockchain, the New Economy, and the Self-Sovereign Internet
, pp. 71 - 142
Publisher: Cambridge University Press
Print publication year: 2024

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Buterin, Vitalik, Hernandez, Diego, Kamphefner, Thor, Pham, Khiem, Qiao, Zhi, Ryan, Danny, Sin, Juhyeok, Wang, Ying, and Zhang, Yan X.. 2020. “Combining GHOST and Casper.” arXiv. https://doi.org/10.48550/arXiv.2003.03052.CrossRefGoogle Scholar
Castro, Miguel, and Barbara Liskov, . 2002. “Practical Byzantine Fault Tolerance and Proactive Recovery.” ACM Transactions on Computer Systems 20 (4): 398461. https://doi.org/10.1145/571637.571640.CrossRefGoogle Scholar
Croman, Kyle, Decker, Christian, Eyal, Ittay, Gencer, Adem Efe, Juels, Ari, Kosba, Ahmed, Miller, Andrew, et al. 2016. “On Scaling Decentralized Blockchains.” In Financial Cryptography and Data Security, edited by Clark, Jeremy, Meiklejohn, Sarah, Ryan, Peter Y.A., Wallach, Dan, Brenner, Michael, and Rohloff, Kurt, 106125. Lecture Notes in Computer Science. Berlin, Heidelberg: Springer. https://doi.org/10.1007/9783662533574_8.CrossRefGoogle Scholar
Daian, Phil, Pass, Rafael, and Shi, Elaine. 2019. “Snow White: Robustly Reconfigurable Consensus and Applications to Provably Secure Proof of Stake.” In Financial Cryptography and Data Security, edited by Goldberg, Ian and Moore, Tyler, 2341. Lecture Notes in Computer Science. Cham: Springer International Publishing. https://doi.org/10.1007/9783030321017_2.CrossRefGoogle Scholar
Dwork, Cynthia, Nancy Lynch, , and Larry Stockmeyer, . 1988. “Consensus in the Presence of Partial Synchrony.” Journal of the ACM 35 (2): 288323. https://doi.org/10.1145/42282.42283.CrossRefGoogle Scholar
Dwork, Cynthia, and Naor, Moni. 1993. “Pricing via Processing or Combatting Junk Mail.” In Advances in Cryptology – CRYPTO’ 92, edited by Brickell, Ernest F., 139147. Lecture Notes in Computer Science. Berlin, Heidelberg: Springer. https://doi.org/10.1007/3540480714_10.CrossRefGoogle Scholar
Fischer, Michael J., Nancy A. Lynch, , and Michael S. Paterson, . 1985. “Impossibility of Distributed Consensus with One Faulty Process.” Journal of the ACM 32 (2): 374382. https://doi.org/10.1145/3149.214121.CrossRefGoogle Scholar
Gilad, Yossi, Hemo, Rotem, Micali, Silvio, Vlachos, Georgios, and Zeldovich, Nickolai. 2017. “Algorand: Scaling Byzantine Agreements for Cryptocurrencies.” In Proceedings of the 26th Symposium on Operating Systems Principles, 51–68. SOSP’17. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3132747.3132757.Google Scholar
Kiayias, Aggelos, Russell, Alexander, David, Bernardo, and Oliynykov, Roman. 2017. “Ouroboros: A Provably Secure Proof of Stake Blockchain Protocol.” In Advances in Cryptology – CRYPTO 2017, edited by Katz, Jonathan and Shacham, Hovav, 357388. Lecture Notes in Computer Science. Cham: Springer International Publishing. https://doi.org/10.1007/9783319636887_12.CrossRefGoogle Scholar
Kwon, Jae. 2014. “Tendermint: Consensus without Mining.” Tendermint.com. https://tendermint.com/static/docs/tendermint.pdf.Google Scholar
Lamport, Leslie. 1998. “The Part Time Parliament.” ACM Transactions on Computer Systems 16 (2): 133169. https://doi.org/10.1145/279227.279229.CrossRefGoogle Scholar
Lamport, Leslie, Robert Shostak, , and Marshall Pease, . 2019. “The Byzantine Generals Problem.” In Concurrency: The Works of Leslie Lamport, 203226. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3335772.3335936.Google Scholar
Micali, S., Rabin, M., and Vadhan, S.. 1999. “Verifiable Random Functions.” In 40th Annual Symposium on Foundations of Computer Science (Cat. No. 99CB37039), 120–130. https://doi.org/10.1109/SFFCS.1999.814584.CrossRefGoogle Scholar
Nakamoto, Satoshi. 2008. “Bitcoin: A Peer to Peer Electronic Cash System.” https://bitcoin.org/bitcoin.pdf.Google Scholar
Ongaro, Diego, and Ousterhout, John. 2014. “In Search of an Understandable Consensus Algorithm.” In 2014 USENIX Annual Technical Conference (USENIX ATC 14), 305–319.Google Scholar
Pass, Rafael, and Shi, Elaine. 2017. “Rethinking Large Scale Consensus.” In 2017 IEEE 30th Computer Security Foundations Symposium (CSF), 115–129. https://doi.org/10.1109/CSF.2017.37.CrossRefGoogle Scholar
Schneider, Fred B. 1990. “Implementing Fault Tolerant Services Using the State Machine Approach: A Tutorial.” ACM Computing Surveys 22 (4): 299319. https://doi.org/10.1145/98163.98167.CrossRefGoogle Scholar
Shi, Elaine. 2020. Foundations of Distributed Consensus and Blockchains. www.distributedconsensus.net/Google Scholar
Spiegelman, Alexander, Giridharan, Neil, Sonnino, Alberto, and Kogias, Lefteris Kokoris. 2022. “Bullshark: DAG BFT Protocols Made Practical.” In Proceedings of the 2022 ACM SIGSAC Conference on Computer and Communications Security, 2705–18. CCS’22. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3548606.3559361.CrossRefGoogle Scholar
Wensley, J.H., Lamport, L., Goldberg, J., Green, M.W., Levitt, K.N., Melliar Smith, P.M., Shostak, R.E., and Weinstock, C.B.. 1978. “SIFT: Design and Analysis of a Fault Tolerant Computer for Aircraft Control.” Proceedings of the IEEE 66 (10): 12401255. https://doi.org/10.1109/PROC.1978.11114.CrossRefGoogle Scholar
Yin, Maofan, Malkhi, Dahlia, Reiter, Michael K., Gueta, Guy Golan, and Abraham, Ittai. 2019. “HotStuff: BFT Consensus with Linearity and Responsiveness.” In Proceedings of the 2019 ACM Symposium on Principles of Distributed Computing, 347–356. PODC’19. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3293611.3331591.CrossRefGoogle Scholar

References

Agarwal, Gaurav. 2020. “State Channels: An Introduction to Off Chain Transactions.” Talentica. www.talentica.com/blogs/statechannelsanintroductiontooffchaintransactions/.Google Scholar
Alchemy. 2022. “What is danksharding?” Alchemy. https://www.alchemy.com/overviews/danksharding.Google Scholar
Awosika, Emmanuel. 2022. “A Beginner’s Guide to the Liquid Network.” HackerNoon. https://hackernoon.com/abeginnersguidetotheliquidnetwork.Google Scholar
BloXroute. 2019. “A Scalable Trustless Blockchain Distribution Network.” BloXroute. https://BloXroute.com/wpcontent/uploads/2019/11/BloXrouteWhitepaper.pdf.Google Scholar
Buterin, Vitalik. 2021. “Why Sharding Is Great: Demystifying the Technical Properties.” https://vitalik.ca/general/2021/04/07/sharding.html.Google Scholar
Buterin, Vitalik, Feist, Dankrad, Loerakker, Diederik, and Kadianakis, George. 2022. “EIP 4844: Shard Blob Transactions.” Ethereum Improvement Proposals. https://eips.ethereum.org/EIPS/eip4844.Google Scholar
Cevallos, Alfonso. 2023. “Nominated Proof of Stake – Research at W3F.” Research at W3F. https://research.web3.foundation/en/latest/polkadot/NPoS/index.html.Google Scholar
Craig, Jeffrey. 2021. “What Is Liquid Network: BTC Layer 2 Sidechain Solution.” Phemex. https://phemex.com/academy/whatisliquidnetwork.Google Scholar
Ethereum.org. 2022. “Layer 2 | ethereum.org.” Ethereum.org. https://ethereum.org/en/layer2/.Google Scholar
Ethereum.org. 2023. “Zero Knowledge Rollups | ethereum.org.” Ethereum.org. https://ethereum.org/en/developers/docs/scaling/zkrollups/.Google Scholar
Faggart, Evan. 2015. “Should We Raise the Bitcoin Block Size Limit?” Bitcoinist. https://bitcoinist.com/shouldweraisebitcoinblocksizelimit/.Google Scholar
GeeksforGeeks. 2022. “Delegated Proof of Stake (DPoS).” GeeksforGeeks. www.geeksforgeeks.org/delegatedproofofstake/.Google Scholar
Gorsline, Erin. 2018. “What Is Raiden Network Token? A Starter Guide.” CoinCentral. https://coincentral.com/whatisraidennetworktokenabeginnersguide/.Google Scholar
Henderson, Rob. 2022. “Zilliqa: The Sharding Chain. A look at the blockchain that has … | by Novum Insights | Medium.” Novum Insights. https://novuminsights.medium.com/zilliqatheshardingchaind25bb81c3fdc.Google Scholar
Hussey, Matt, Copeland, Tim, and Phillips, Daniel. 2022. “What Is Lightning Network? Bitcoin’s Scalability Solution.” Decrypt. https://decrypt.co/resources/bitcoinlightningnetwork.Google Scholar
Kanga University. 2021. “20. Segregated Witness What Is Segwit Bitcoin All About?” Kanga University. https://kanga.university/en/lessons/20segregatedwitnesswhatissegwitbitcoinallabout/.Google Scholar
Kaur, Guneet. 2023. “What is Cosmos: A beginner’s guide to the ‘Internet of Blockchains.’” Cointelegraph. https://cointelegraph.com/learn/what-is-cosmos-a-beginners-guide-to-the-internet-of-blockchains.Google Scholar
Mearian, Lucas. 2019. “Sharding: What It Is and Why Many Blockchain Protocols Rely on It.” Computerworld. www.computerworld.com/article/3336187/shardingwhatitisandwhysomanyblockchainprotocolsrelyonit.html.Google Scholar
Moralis, . 2022. “What Is Danksharding? EIP 4844 and Danksharding Explained.” Moralis. https://moralis.io/whatisdankshardingeip4844anddankshardingexplained/.Google Scholar
Oliveira, Mesquita. 2023. “Optimistic Rollups | ethereum.org.” Ethereum.org. https://ethereum.org/en/developers/docs/scaling/optimisticrollups/.Google Scholar
Plavnik, Julie. 2022. “State Channels Still Beat All Other Layer-2 Scalability Solutions.” Medium. https://medium.com/yellow-blog/state-channels-still-beat-all-other-layer-2-scalability-solutions-42533d675e92.Google Scholar
Rasure, Erika. 2021. “Zk SNARK: Definition, How It’s Used in Cryptocurrency, and History.” Investopedia. www.investopedia.com/terms/z/zksnark.asp.Google Scholar
Rasure, Erika. 2022. “What Does Proof of Stake (PoS) Mean in Crypto?” Investopedia. www.investopedia.com/terms/p/proofstakepos.asp.Google Scholar
Rodriguez, Jesus. 2018. “A Layer-0 Scalability Solution for Any Blockchain.” HackerNoon. https://hackernoon.com/a-layer-0-scalability-solution-for-any-blockchain-36cb6b489d69.Google Scholar
Roth, Stephan. 2022. “An Introduction to Sidechains.” CoinDesk. www.coindesk.com/learn/anintroductiontosidechains/.Google Scholar
SKALE. 2022. “SKALE Primer: How SKALE Works.” SKALE. https://skale.space/primer.Google Scholar
Smith, Corwin. 2023. “Optimistic Rollups | ethereum.org.” Ethereum.org. https://ethereum.org/en/developers/docs/scaling/optimisticrollups/.Google Scholar
Unchained, Chjango. 2018. “Tendermint Explained Bringing BFT Based PoS to the Public Blockchain Domain.” Cosmos Blog. https://blog.cosmos.network/tendermintexplainedbringingbftbasedpostothepublicblockchaindomainf22e274a0fdb.Google Scholar
Wood, Gavin. 2021. “Substrate and Polkadot.” Substrate. https://substrate.io/vision/substrateandpolkadot/.Google Scholar
Yang, Sen, Zhang, Fan, Huang, Ken, Chen, Xi, Yang, Youwei, and Zhu, Feng. 2022. “[2212.05111] SoK: MEV Countermeasures: Theory and Practice.” arXiv. https://arxiv.org/abs/2212.05111.Google Scholar

References

Breidenbach, Lorenz, Cachin, Christian, Coventry, Alex, Ellis, Steve, Juels, Ari, Miller, Andrew, Magauran, Brendan, et al. 2021. “Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks,” April. https://research.chain.link/whitepaper-v2.pdfGoogle Scholar
Budish, Eric, Cramton, Peter, and Shim, John. 2015. “The High Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response.” The Quarterly Journal of Economics 130 (4): 15471621.CrossRefGoogle Scholar
Cachin, Christian, Mićić, Jovana, Steinhauer, Nathalie, and Zanolini, Luca. 2022. “Quick Order Fairness.” In International Conference on Financial Cryptography and Data Security, 316–333. Springer.CrossRefGoogle Scholar
Cheng, Raymond, Zhang, Fan, Kos, Jernej, He, Warren, Hynes, Nicholas, Johnson, Noah, Juels, Ari, Miller, Andrew, and Song, Dawn. 2019. “Ekiden: A Platform for Confidentiality Preserving, Trustworthy, and Performant Smart Contracts.” In 2019 IEEE European Symposium on Security and Privacy (EuroS&P), 185–200. https://doi.org/10.1109/EuroSP.2019.00023.CrossRefGoogle Scholar
Daian, Philip, Goldfeder, Steven, Kell, Tyler, Li, Yunqi, Zhao, Xueyuan, Bentov, Iddo, Breidenbach, Lorenz, and Juels, Ari. 2020. “Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Miner Extractable Value, and Consensus Instability.” In 2020 IEEE Symposium on Security and Privacy (SP), 910–927. https://doi.org/10.1109/SP40000.2020.00040.CrossRefGoogle Scholar
Eskandari, Shayan, Salehi, Mehdi, Catherine Gu, Wanyun, and Clark, Jeremy. 2021. “SoK: Oracles from the Ground Truth to Market Manipulation.” In Proceedings of the 3rd ACM Conference on Advances in Financial Technologies, 127–141. AFT’21. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3479722.3480994.CrossRefGoogle Scholar
Kelkar, Mahimna, Deb, Soubhik, Long, Sishan, Juels, Ari, and Kannan, Sreeram. 2021. “Themis: Fast, Strong Order Fairness in Byzantine Consensus.” Cryptology EPrint Archive.Google Scholar
Kelkar, Mahimna, Zhang, Fan, Goldfeder, Steven, and Juels, Ari. 2020. “Order Fairness for Byzantine Consensus.” In Advances in Cryptology – CRYPTO 2020, edited by Daniele Micciancio and Thomas Ristenpart, 12172:451–480. Lecture Notes in Computer Science. Cham: Springer International Publishing. https://doi.org/10.1007/9783030568771_16.CrossRefGoogle Scholar
Kosba, Ahmed, Miller, Andrew, Shi, Elaine, Wen, Zikai, and Papamanthou, Charalampos. 2016. “Hawk: The Blockchain Model of Cryptography and Privacy Preserving Smart Contracts.” In 2016 IEEE Symposium on Security and Privacy (SP), 839–858. https://doi.org/10.1109/SP.2016.55.CrossRefGoogle Scholar
Kursawe, Klaus. 2020. “Wendy, the Good Little Fairness Widget: Achieving Order Fairness for Blockchains.” In Proceedings of the 2nd ACM Conference on Advances in Financial Technologies, 25–36.Google Scholar
Redman, Jamie. 2022. “Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validators – Bitcoin News.” https://news.bitcoin.com/axie-infinity-loses-620-million-after-hacker-compromised-ronin-validators/.Google Scholar
Xie, Tiancheng, Zhang, Jiaheng, Cheng, Zerui, Zhang, Fan, Zhang, Yupeng, Jia, Yongzheng, Boneh, Dan, and Song, Dawn. 2022. “ZkBridge: Trustless Cross Chain Bridges Made Practical.” In Proceedings of the 2022 ACM SIGSAC Conference on Computer and Communications Security, 3003–3017. CCS’22. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3548606.3560652.CrossRefGoogle Scholar
Yang, Sen, Zhang, Fan, Huang, Ken, Chen, Xi, Yang, Youwei, and Zhu, Feng. 2022. “SoK: MEV Countermeasures: Theory and Practice.” arXiv. https://doi.org/10.48550/arXiv.2212.05111.CrossRefGoogle Scholar
Zhang, Fan, Cecchetti, Ethan, Croman, Kyle, Juels, Ari, and Shi, Elaine. 2016. “Town Crier: An Authenticated Data Feed for Smart Contracts.” In Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security, 270–82. CCS’16. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/2976749.2978326.CrossRefGoogle Scholar
Zhang, Fan, Maram, Deepak, Malvai, Harjasleen, Goldfeder, Steven, and Juels, Ari. 2020. “DECO: Liberating Web Data Using Decentralized Oracles for TLS.” In Proceedings of the 2020 ACM SIGSAC Conference on Computer and Communications Security, 1919–1938. CCS’20. New York, NY, USA: Association for Computing Machinery. https://doi.org/10.1145/3372297.3417239.CrossRefGoogle Scholar
Zhang, Yunhao, Setty, Srinath, Chen, Qi, Zhou, Lidong, and Alvisi, Lorenzo. 2020. “Byzantine Ordered Consensus without Byzantine Oligarchy.” In 14th USENIX Symposium on Operating Systems Design and Implementation (OSDI 20), 633–649.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×