arXiv subjects

Philipp Jovanovic

Publications and source records attributed to Philipp Jovanovic.

16 recordsLinked to original sources

arXiv2026

Barnacle: Adaptive Multi-Leader Scheduling for DAG-Based Consensus

In DAG-based consensus, all validators propose blocks concurrently, and designated leader blocks drive transaction commit. Having multiple leader slots per round cuts queuing latency, yet production deployments run a single leader because of head-of-line blocking: a slow leader stalls the pipeline for at least one leader timeout, and for several waves when its slot must wait for the fallback indirect decision rule. This risk grows with the leader count. We introduce Barnacle, an add-on that adapts the leader count at run time. Every interval, it measures on the agreed committed DAG the fraction of slots decided as commit by the direct rule, and drives the leader count with additive increase, multiplicative decrease. The measurement requires no extra messages and no cryptography, and is deterministic. Barnacle is generic over DAG protocols; we instantiate it on four protocols spanning the Byzantine (3f + 1, 5f + 1), crash-only (2c + 1), and mixed (5f + 3c + 1) fault models, with proven safety and liveness. Results show Barnacle matches the best static leader count in every regime: in a healthy network its latency is 6-13% lower than a single leader's, and under degradation it matches a single leader while remaining 35-56% below a static high count. We are currently collaborating with the Sui team to integrate Barnacle into the Sui blockchain.

cs.DC↗

arXiv2026

Not All Reads Are Conflicts: A Write-Only Analysis of the Sui Blockchain

Sui's object-centric data model enables parallel transaction execution, but realised performance is fundamentally bounded by workload contention. Prior empirical analyses of Sui have relied on "read+write" (R+W) conflict graphs inherited from account-based blockchains. Because Sui's engine serialises only on mutable shared access, R+W graphs contain spurious edges, bounding contention from above. In this paper, we adopt a complementary "write-set-only" (W-only) model in which every edge represents a real write-serialisation event, providing a lower bound on contention. Together, the two models bracket Sui's true execution-dependency structure. Applying the W-only analysis to Sui mainnet data through 2025 yields three primary findings. First, removing read-only dependencies (notably the system clock) causes previously reported "hub-and-spoke" structures to collapse. The remaining contention topology is highly assortative and clique-dominated, with the W-only bound shaving roughly $30$--$40\%$ off the R+W estimate of Sui's optimal-parallelism headroom. Second, via union-find object grouping, we isolate DeepBook (Sui's native central limit order book). While it dominates contention by volume, its underlying logic does not impose disproportionate sequential bottlenecks. Finally, we quantify the economic cost of contention, showing that $10$--$50\%$ of the network's USD-denominated value flows through sequentially constrained execution paths, exposing it to potential ordering effects.

cs.CE↗

arXiv2026

Finding Nemo-Nemo: CFT DAG-based Consensus in the WAN

This paper introduces Nemo-Nemo, a practical crash-fault tolerant (CFT) consensus protocol designed to outperform existing protocols in wide-area networks by bridging design principles from the CFT and Byzantine-fault tolerant (BFT) worlds. By structuring command propagation through a causally ordered DAG, Nemo-Nemo allows all consensus replicas to propose commands with a naturally self-regulating communication regime. By exploiting multi-leader architecture, Nemo-Nemo avoids the performance bottleneck inherent to single-leader protocols. By separating command dissemination from consensus logic, Nemo-Nemo handles challenging network conditions even when consensus commits are stalled. Moreover, leader proposals that miss a deadline are never dropped, but deterministically deferred and executed later, preserving throughput under transient network delays. And by enabling Nemo-Nemo to commit on a DAG in just two network hops, it matches the latency of existing CFT systems, while achieving significantly higher throughput. The result is a robust, deployable system: the first DAG-based CFT consensus protocol proven to exceed state-of-the-art wide-area network performance in both speed and resilience.

cs.DC↗

arXiv2025

BlueBottle: Fast and Robust Blockchains through Subsystem Specialization

Blockchain consensus faces a trilemma of security, latency, and decentralization. High-throughput systems often require a reduction in decentralization or robustness against strong adversaries, while highly decentralized and secure systems tend to have lower performance. We present BlueBottle, a two-layer consensus architecture. The core layer, BB-Core, is an n=5f+1 protocol that trades some fault tolerance for a much lower finality latency with a medium-sized core validator set. Our experiments show that BB-Core reduces latency by 20-25% in comparison to Mysticeti. The guard layer, BB-Guard, provides decentralized timestamping, proactive misbehavior detection in BB-Core, and a synchronous recovery path. When it observes equivocations or liveness failures in the core -- while tolerating up to f<3n/5 faulty nodes in the primary layer -- guard validators disseminate evidence, agree on misbehaving parties for exclusion or slashing, and either restart the core protocol (for liveness violations) or select a canonical fork (for safety violations). Together, these layers enable optimistic sub-second finality at high throughput while maintaining strong safety and liveness under a mild synchrony assumption.

cs.DC↗

arXiv2024

Mahi-Mahi: Low-Latency Asynchronous BFT DAG-Based Consensus

We present Mahi-Mahi, the first asynchronous BFT consensus protocol that achieves sub-second latency in the WAN while processing over 100,000 transactions per second. We accomplish this remarkable performance by building Mahi-Mahi on an uncertified structured Directed Acyclic Graph (DAG). By forgoing explicit certification, we significantly reduce the number of messages required to commit and minimize CPU overhead associated with certificate verification. Mahi-Mahi introduces a novel commit rule that allows committing multiple blocks in each DAG round, while ensuring liveness in the presence of an asynchronous adversary. Mahi-Mahi can be parametrized to either attempt to commit within 5 message delays, maximizing the probability of commitment under a continuously active asynchronous adversary, or within 4 message delays, which reduces latency under a more moderate and realistic asynchronous adversary. We demonstrate the safety and liveness of Mahi-Mahi in a Byzantine context. Subsequently, we evaluate Mahi-Mahi in a geo-replicated setting and compare its performance against state-of-the-art asynchronous consensus protocols, showcasing Mahi-Mahi's significantly lower latency.

cs.DC↗

arXiv2024

Zero-Knowledge Location Privacy via Accurate Floating-Point SNARKs

We introduce Zero-Knowledge Location Privacy (ZKLP), enabling users to prove to third parties that they are within a specified geographical region while not disclosing their exact location. ZKLP supports varying levels of granularity, allowing for customization depending on the use case. To realize ZKLP, we introduce the first set of Zero-Knowledge Proof (ZKP) circuits that are fully compliant to the IEEE 754 standard for floating-point arithmetic. Our results demonstrate that our floating point circuits amortize efficiently, requiring only $64$ constraints per multiplication for $2^{15}$ single-precision floating-point multiplications. We utilize our floating point implementation to realize the ZKLP paradigm. In comparison to a baseline, we find that our optimized implementation has $15.9 \times$ less constraints utilizing single precision floating-point values, and $12.2 \times$ less constraints when utilizing double precision floating-point values. We demonstrate the practicability of ZKLP by building a protocol for privacy preserving peer-to-peer proximity testing - Alice can test if she is close to Bob by receiving a single message, without either party revealing any other information about their location. In such a configuration, Bob can create a proof of (non-)proximity in $0.26 s$, whereas Alice can verify her distance to about $470$ peers per second

cs.CR↗

arXiv2023

From HODL to MOON: Understanding Community Evolution, Emotional Dynamics, and Price Interplay in the Cryptocurrency Ecosystem

This paper presents a large-scale analysis of the cryptocurrency community on Reddit, shedding light on the intricate relationship between the evolution of their activity, emotional dynamics, and price movements. We analyze over 130M posts on 122 cryptocurrency-related subreddits using temporal analysis, statistical modeling, and emotion detection. While /r/CryptoCurrency and /r/dogecoin are the most active subreddits, we find an overall surge in cryptocurrency-related activity in 2021, followed by a sharp decline. We also uncover a strong relationship in terms of cross-correlation between online activity and the price of various coins, with the changes in the number of posts mostly leading the price changes. Backtesting analysis shows that a straightforward strategy based on the cross-correlation where one buys/sells a coin if the daily number of posts about it is greater/less than the previous would have led to a 3x return on investment. Finally, we shed light on the emotional dynamics of the cryptocurrency communities, finding that joy becomes a prominent indicator during upward market performance, while a decline in the market manifests an increase in anger.

cs.CR↗

arXiv2023

What Drives the (In)stability of a Stablecoin?

In May 2022, an apparent speculative attack, followed by market panic, led to the precipitous downfall of UST, one of the most popular stablecoins at that time. However, UST is not the only stablecoin to have been depegged in the past. Designing resilient and long-term stable coins, therefore, appears to present a hard challenge. To further scrutinize existing stablecoin designs and ultimately lead to more robust systems, we need to understand where volatility emerges. Our work provides a game-theoretical model aiming to help identify why stablecoins suffer from a depeg. This game-theoretical model reveals that stablecoins have different price equilibria depending on the coin's architecture and mechanism to minimize volatility. Moreover, our theory is supported by extensive empirical data, spanning $1$ year. To that end, we collect daily prices for 22 stablecoins and on-chain data from five blockchains including the Ethereum and the Terra blockchain.

cs.GT↗

arXiv2023

Mitigating Decentralized Finance Liquidations with Reversible Call Options

Liquidations in Decentralized Finance (DeFi) are both a blessing and a curse -- whereas liquidations prevent lenders from capital loss, they simultaneously lead to liquidation spirals and system-wide failures. Since most lending and borrowing protocols assume liquidations are indispensable, there is an increased interest in alternative constructions that prevent immediate systemic-failure under uncertain circumstances. In this work, we introduce reversible call options, a novel financial primitive that enables the seller of a call option to terminate it before maturity. We apply reversible call options to lending in DeFi and devise Miqado, a protocol for lending platforms to replace the liquidation mechanisms. To the best of our knowledge, Miqado is the first protocol that actively mitigates liquidations to reduce the risk of liquidation spirals. Instead of selling collateral, Miqado incentivizes external entities, so-called supporters, to top-up a borrowing position and grant the borrower additional time to rescue the debt. Our simulation shows that Miqado reduces the amount of liquidated collateral by 89.82% in a worst-case scenario.

q-fin.PR↗

arXiv2023

Performance of EdDSA and BLS Signatures in Committee-Based Consensus

We present the first performance comparison of EdDSA and BLS signatures in committee-based consensus protocols through large-scale geo-distributed benchmarks. Contrary to popular beliefs, we find that small deployments (less than 40 validators) can benefit from the small storage footprint of BLS multi-signatures while larger deployments should favor EdDSA to improve performance. As an independent contribution, we present a novel way for committee-based consensus protocols to verify BLS multi-signed certificates by manipulating the aggregated public key using pre-computed values.

cs.DC↗

arXiv2022

Baxos: Backing off for Robust and Efficient Consensus

Leader-based consensus algorithms are vulnerable to liveness and performance downgrade attacks. We explore the possibility of replacing leader election in Multi-Paxos with random exponential backoff (REB), a simpler approach that requires minimum modifications to the two phase Synod Paxos and achieves better resiliency under attacks. We propose Baxos, a new resilient consensus protocol that leverages a random exponential backoff scheme as a replacement for leader election in consensus algorithms. Our backoff scheme addresses the common challenges of random exponential backoff such as scalability and robustness to changing wide area latency. We extensively evaluate Baxos to illustrate its performance and robustness against two liveness and performance downgrade attacks using an implementation running on Amazon EC2 in a wide area network and a combination of a micro benchmark and YCSB-A workload on Redis. Our results show that Baxos offers more robustness to liveness and performance downgrade attacks than leader-based consensus protocols. Baxos outperforms Multi-Paxos and Raft up to 128% in throughput under liveness and performance downgrade attacks under worst case contention scenarios where each replica proposes requests concurrently.

cs.DC↗

arXiv2021

An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities

Financial speculators often seek to increase their potential gains with leverage. Debt is a popular form of leverage, and with over 39.88B USD of total value locked (TVL), the Decentralized Finance (DeFi) lending markets are thriving. Debts, however, entail the risks of liquidation, the process of selling the debt collateral at a discount to liquidators. Nevertheless, few quantitative insights are known about the existing liquidation mechanisms. In this paper, to the best of our knowledge, we are the first to study the breadth of the borrowing and lending markets of the Ethereum DeFi ecosystem. We focus on Aave, Compound, MakerDAO, and dYdX, which collectively represent over 85% of the lending market on Ethereum. Given extensive liquidation data measurements and insights, we systematize the prevalent liquidation mechanisms and are the first to provide a methodology to compare them objectively. We find that the existing liquidation designs well incentivize liquidators but sell excessive amounts of discounted collateral at the borrowers' expenses. We measure various risks that liquidation participants are exposed to and quantify the instabilities of existing lending protocols. Moreover, we propose an optimal strategy that allows liquidators to increase their liquidation profit, which may aggravate the loss of borrowers.

q-fin.GN↗

arXiv2021

Reaching Consensus for Asynchronous Distributed Key Generation

We give a protocol for Asynchronous Distributed Key Generation (A-DKG) that is optimally resilient (can withstand $f<\frac{n}{3}$ faulty parties), has a constant expected number of rounds, has $\tilde{O}(n^3)$ expected communication complexity, and assumes only the existence of a PKI. Prior to our work, the best A-DKG protocols required $Ω(n)$ expected number of rounds, and $Ω(n^4)$ expected communication. Our A-DKG protocol relies on several building blocks that are of independent interest. We define and design a Proposal Election (PE) protocol that allows parties to retrospectively agree on a valid proposal after enough proposals have been sent from different parties. With constant probability the elected proposal was proposed by a non-faulty party. In building our PE protocol, we design a Verifiable Gather protocol which allows parties to communicate which proposals they have and have not seen in a verifiable manner. The final building block to our A-DKG is a Validated Asynchronous Byzantine Agreement (VABA) protocol. We use our PE protocol to construct a VABA protocol that does not require leaders or an asynchronous DKG setup. Our VABA protocol can be used more generally when it is not possible to use threshold signatures.

cs.DC↗

arXiv2020

Que Sera Consensus: Simple Asynchronous Agreement with Private Coins and Threshold Logical Clocks

It is commonly held that asynchronous consensus is much more complex, difficult, and costly than partially-synchronous algorithms, especially without using common coins. This paper challenges that conventional wisdom with que sera consensus QSC, an approach to consensus that cleanly decomposes the agreement problem from that of network asynchrony. QSC uses only private coins and reaches consensus in $O(1)$ expected communication rounds. It relies on "lock-step" synchronous broadcast, but can run atop a threshold logical clock (TLC) algorithm to time and pace partially-reliable communication atop an underlying asynchronous network. This combination is arguably simpler than partially-synchronous consensus approaches like (Multi-)Paxos or Raft with leader election, and is more robust to slow leaders or targeted network denial-of-service attacks. The simplest formulations of QSC atop TLC incur expected $O(n^2)$ messages and $O(n^4)$ bits per agreement, or $O(n^3)$ bits with straightforward optimizations. An on-demand implementation, in which clients act as "natural leaders" to execute the protocol atop stateful servers that merely implement passive key-value stores, can achieve $O(n^2)$ expected communication bits per client-driven agreement.

cs.DC↗

arXiv2016

Enhancing Bitcoin Security and Performance with Strong Consistency via Collective Signing

While showing great promise, Bitcoin requires users to wait tens of minutes for transactions to commit, and even then, offering only probabilistic guarantees. This paper introduces ByzCoin, a novel Byzantine consensus protocol that leverages scalable collective signing to commit Bitcoin transactions irreversibly within seconds. ByzCoin achieves Byzantine consensus while preserving Bitcoin's open membership by dynamically forming hash power-proportionate consensus groups that represent recently-successful block miners. ByzCoin employs communication trees to optimize transaction commitment and verification under normal operation while guaranteeing safety and liveness under Byzantine faults, up to a near-optimal tolerance of f faulty group members among 3f + 2 total. ByzCoin mitigates double spending and selfish mining attacks by producing collectively signed transaction blocks within one minute of transaction submission. Tree-structured communication further reduces this latency to less than 30 seconds. Due to these optimizations, ByzCoin achieves a throughput higher than PayPal currently handles, with a confirmation latency of 15-20 seconds.

cs.CR↗

arXiv2016

Keeping Authorities "Honest or Bust" with Decentralized Witness Cosigning

The secret keys of critical network authorities - such as time, name, certificate, and software update services - represent high-value targets for hackers, criminals, and spy agencies wishing to use these keys secretly to compromise other hosts. To protect authorities and their clients proactively from undetected exploits and misuse, we introduce CoSi, a scalable witness cosigning protocol ensuring that every authoritative statement is validated and publicly logged by a diverse group of witnesses before any client will accept it. A statement S collectively signed by W witnesses assures clients that S has been seen, and not immediately found erroneous, by those W observers. Even if S is compromised in a fashion not readily detectable by the witnesses, CoSi still guarantees S's exposure to public scrutiny, forcing secrecy-minded attackers to risk that the compromise will soon be detected by one of the W witnesses. Because clients can verify collective signatures efficiently without communication, CoSi protects clients' privacy, and offers the first transparency mechanism effective against persistent man-in-the-middle attackers who control a victim's Internet access, the authority's secret key, and several witnesses' secret keys. CoSi builds on existing cryptographic multisignature methods, scaling them to support thousands of witnesses via signature aggregation over efficient communication trees. A working prototype demonstrates CoSi in the context of timestamping and logging authorities, enabling groups of over 8,000 distributed witnesses to cosign authoritative statements in under two seconds.

cs.CR↗