I just published “Feedback Loop vs. Circular Reasoning”https://medium.com/@hugonguyen/feedback-loop-vs-circular-reasoning-1544ae7fd457 …
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Replying to @hugohanoi
I like it, but needs more detailed reasoning. Dfinity's deterministic threshold signatures are a counter-example. I like focusing on available randomness, it's an argument I often use. But I don't feel it sufficiently explains why the reasoning is circular.
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Replying to @BobMcElrath
Yes, as I said in the article above, if the PoS protocol tries to generate randomness internally, that's not circular reasoning but that scheme breaks down for a different reason.
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Replying to @hugohanoi @BobMcElrath
I briefly looked into DFINITY before in https://medium.com/@hugonguyen/proof-of-stake-private-keys-attacks-and-unforgeable-costliness-the-unsung-hero-5caca70b01cb …, but didn’t go in-depth into the randomness aspect.
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Replying to @hugohanoi @BobMcElrath
IMO the main problem with DFINITY lies in their mechanism to create threshold groups. An attacker can grind identities until his nodes are assigned the threshold group(s) he desires.
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Replying to @hugohanoi @BobMcElrath
If an attacker manages to control just ONE threshold group (by controlling more than the threshold percentage per group), he can halt the magical “random beacon”, effectively freezing the chain.
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Replying to @hugohanoi @BobMcElrath
Hugo Nguyen Retweeted Hugo Nguyen
Furthermore, even if a PoS protocol manages to generate internal randomness, it might still be insufficient for chain security, because PoS focuses on only the superficial role of randomness. (As you mentioned, there's no "value" moved into the system.)https://twitter.com/hugohanoi/status/1040494231528173568 …
Hugo Nguyen added,
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Replying to @hugohanoi
I find the "deterministic threshold sig's" a fascinating algorithm... There are obviously lots of ways to apply it, I'm not claiming dfinity's application is best.
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I also found it very interesting & ended up spending more time looking into DFINITY vs. the other PoS protocols. But in the blockchain context, I believe threshold relay is still just a clever hack.
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