Cryptology ePrint Archive: Report 2019/838

In this work, we show how to solve the global synchronization problem by leveraging proof of stake (PoS). Concretely, we design and analyze a PoS blockchain protocol in the above dynamic-participation setting, that does not require a global clock but merely assumes that parties have local clocks advancing at approximately the same speed. Central to our construction is a novel synchronization mechanism that can be thought as the blockchain-era analogue of classical synchronizers: It enables joining parties---even if upon joining their local time is off by an arbitrary amount---to quickly calibrate their local clocks so that they all show approximately the same time. As a direct implication of our blockchain construction---since the blockchain can be joined and observed by any interested party---we obtain a permissionless PoS implementation of a global clock that may be used by higher level protocols that need access to global time.