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.
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