  The decentralized cryptocurrency Bitcoin has experienced great success but
also encountered many challenges. One of the challenges has been the long
confirmation time. Another challenge is the lack of incentives at certain steps
of the protocol, raising concerns for transaction withholding, selfish mining,
etc. To address these challenges, we propose Solida, a decentralized blockchain
protocol based on reconfigurable Byzantine consensus augmented by
proof-of-work. Solida improves on Bitcoin in confirmation time, and provides
safety and liveness assuming the adversary control less than (roughly)
one-third of the total mining power.
