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Pravuil: Global Consensus for a United World

Author

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  • David Cerezo Sánchez

    (Calctopia, T23 AT2P Cork, Ireland)

Abstract

The latest developments in blockchain technology have conceptualised very efficient consensus protocols that have not yet been able to overcome older technologies. This paper presents Pravuil, a robust, secure, and scalable consensus protocol for a permissionless blockchain suitable for deployment in an adversarial environment such as the Internet. Using zero-knowledge authentication techniques, Pravuil circumvents previous shortcomings of other blockchains: Bitcoin’s limited adoption problem (as transaction demand grows, payment confirmation times grow much less than that of other PoW blockchains); higher transaction security at a lower cost; more decentralisation than other permissionless blockchains; impossibility of full decentralisation; the blockchain scalability trilemma (decentralisation, scalability, and security can be achieved simultaneously); and Sybil resistance for free implementation of the social optimum. Pravuil goes beyond the economic limits of Bitcoin and other PoW/PoS blockchains, leading to a more valuable and stable cryptocurrency.

Suggested Citation

  • David Cerezo Sánchez, 2022. "Pravuil: Global Consensus for a United World," FinTech, MDPI, vol. 1(4), pages 1-20, October.
    • Handle: RePEc:gam:jfinte:v:1:y:2022:i:4:p:25-344:d:958475
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    References listed on IDEAS

    as
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    5. Eric Budish, 2018. "The Economic Limits of Bitcoin and the Blockchain," NBER Working Papers 24717, National Bureau of Economic Research, Inc.
    6. Hinzen, Franz J. & John, Kose & Saleh, Fahad, 2022. "Bitcoin’s limited adoption problem," Journal of Financial Economics, Elsevier, vol. 144(2), pages 347-369.
    Full references (including those not matched with items on IDEAS)

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