A Verifiable Delay Function is a cryptographic proof that demonstrates a specific computation has been performed sequentially for a minimum amount of time. This cryptographic primitive generates a unique output after a predetermined, non-parallelizable computation, making it inherently difficult to speed up through parallel processing. Critically, once the computation is complete, the correctness of the output can be verified almost instantly. VDFs are designed to ensure that a certain amount of real-world time has elapsed before a result is known, regardless of computational power.
Context
Verifiable Delay Functions are a cutting-edge technology with significant applications in securing proof-of-stake blockchains, enhancing randomness generation, and preventing certain types of attacks like front-running. News regarding new consensus mechanisms or improved security features often mentions the integration of VDFs. Their role in creating publicly verifiable, unbiased randomness is a key area of research and development for future decentralized systems.
A novel asynchronous Byzantine Fault Tolerant protocol, Orion, uses verifiable delay functions for leader election and pipelined processing to achieve optimal resilience and high throughput.
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