Quai Network
Quai has engaged Common Prefix to analyze the security of their novel proof-of-work consensus algorithm, Proof of Entropy Minima (PoEM), which replaces the commonly used "longest chain" or "heaviest chain" rule based on nominal block target with a different rule based on "minimum entropy" or "intrinsic work". Common Prefix is working to prove that the PoEM is secure, utilizing techniques from the Bitcoin Backbone model and the Everything is a Race model, and analyze its benefits. We are also engaging with Quai to understand the composability properties of their multichain system, and the incentive-compatibility aspects of their planned reward mechanism.
Optimal Reward Allocation Paper
The scientists of Quai and Common Prefix collaborated on an academic paper introducing Proportional Reward Splitting (PRS) — a new reward mechanism for blockchain-based distributed ledgers. PRS leverages lightweight “workshares” to estimate miners’ power distribution and allocate rewards fairly among participants. The analysis shows that PRS achieves near-optimal fairness, outperforming existing mechanisms in accuracy and efficiency, with minimal storage overhead.
PoEM Analysis Paper
The scientists of Quai and Common Prefix are collaborating on an academic paper showing PoEM is secure and analyzing its benefits, in latency and throughput, compared to traditional longest-chain proof-of-work protocols such as Bitcoin, both analytically and experimentally.
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