Sybil-Resilient, Egalitarian and Just Digital Currency

Avigail Gurin-Schleifer, Ouri Poupko, Ehud Shapiro, Nimrod Talmon

Research output: Working paper/PreprintPreprint

11 Downloads (Pure)

Abstract

We envision a self-sovereign, grassroots, digital community that grows in a bottom up, decentralized manner, and aim to integrate for it the following previously-proposed building blocks: a mechanism that accepts members into the community while keeping a bounded number of sybils; digital social contracts that define the possible interactions of a community bounded by such a contract; a design for a fault-tolerant distributed ledger implementation of digital social contracts; and a digital social contract for the egalitarian and just minting of digital currency, which also offers a form of universal basic income. We augment these building blocks with a mechanism that allows the community to maintain sovereignty over the economy, by making it sybil-resilient. To do so, we assume that the community has the means for exposing sybils and we extend the basic egalitarian currency digital social contract with means to balance the economy so that money minted by sybils is eventually retrieved and burned. This leads---asymptotically---to distributive justice among the genuine agents, with the amount of money minted being equal to the number of genuine agents, multiplied by the time each agent was a member of the community. We then argue that this approach constitutes a mechanism that deters the creation of sybils and incentivizes sybil hunting.
Original languageEnglish
PublisherarXiv:2007.15536 [cs.SI]
StatePublished - 2020

Keywords

  • cs.SI

Fingerprint

Dive into the research topics of 'Sybil-Resilient, Egalitarian and Just Digital Currency'. Together they form a unique fingerprint.

Cite this