Day 54: VDFs: Verifiable Delay Functions in Blockchain
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“In the relentless march of blockchain, Verifiable Delay Functions are the rhythmic pause, ensuring fairness and unpredictability in the chain of blocks.” — Blockchain Theorist
As blockchain technology evolves, so do the mechanisms that underpin its security and efficiency. One such emerging concept is the Verifiable Delay Function (VDF), a cryptographic primitive gaining traction for its unique properties and applications in blockchain. Today, we delve into the world of VDFs, exploring their significance and how they contribute to the evolving landscape of blockchain technology.
Unpacking Verifiable Delay Functions
Verifiable Delay Functions (VDFs) are a cryptographic innovation that provides a way to enforce a time delay in computation. The key feature of a VDF is that it requires a specific amount of time to compute, even on parallel computing systems, but its output can be quickly and easily verified.
Core Characteristics:
- Asymmetry in Time: A VDF takes a relatively long time to compute (delay phase) but produces a result that can be quickly verified.
- Unparallelizable: The computation requires sequential steps…
