Search for: All records

We introduce the first practical protocols for fully decentralized sealed-bid auctions using timed commitments. Timed commitments ensure that the auction is finalized fairly even if all participants drop out after posting bids or if bidders collude to try to learn the bidder’s bid value. Our protocols rely on a novel non-malleable timed commitment scheme which efficiently supports range proofs to establish that bidders have sufficient funds to cover a hidden bid value. This allows us to penalize users who abandon bids for exactly the bid value, while supporting simultaneous bidding in multiple auctions with a shared collateral pool. Our protocols are concretely efficient and we have implemented them in an Ethereum- compatible smart contract which automatically enforces payment and delivery of an auctioned digital asset. 

We introduce the notion of a Succinct Parallelizable Argument of Knowledge (SPARK). This is an argument of knowledge with the following three efficiency properties for computing and proving a (non-deterministic, polynomial time) parallel RAM computation that can be computed in parallel time T with at most p processors: — The prover’s (parallel) running time is \( T + \mathrm{poly}\hspace{-2.0pt}\log (T \cdot p) \) . (In other words, the prover’s running time is essentially T for large computation times!) — The prover uses at most \( p \cdot \mathrm{poly}\hspace{-2.0pt}\log (T \cdot p) \) processors. — The communication and verifier complexity are both \( \mathrm{poly}\hspace{-2.0pt}\log (T \cdot p) \) . The combination of all three is desirable, as it gives a way to leverage a moderate increase in parallelism in favor of near-optimal running time. We emphasize that even a factor two overhead in the prover’s parallel running time is not allowed. Our main contribution is a generic construction of SPARKs from any succinct argument of knowledge where the prover’s parallel running time is \( T \cdot \mathrm{poly}\hspace{-2.0pt}\log (T \cdot p) \) when using p processors, assuming collision-resistant hash functions. When suitably instantiating our construction, we achieve a four-round SPARK for any parallel RAM computation assuming only collision resistance. Additionally assuming the existence of a succinct non-interactive argument of knowledge (SNARK), we construct a non-interactive SPARK that also preserves the space complexity of the underlying computation up to \( \mathrm{poly}\hspace{-2.0pt}\log (T\cdot p) \) factors. We also show the following applications of non-interactive SPARKs. First, they immediately imply delegation protocols with near optimal prover (parallel) running time. This, in turn, gives a way to construct verifiable delay functions (VDFs) from any sequential function. When the sequential function is also memory-hard, this yields the first construction of a memory-hard VDF.