International Association
for Cryptologic Research

We study the problem of building a verifiable delay function (VDF). A $$\text {VDF}$$VDFrequires a specified number of sequential steps to evaluate, yet produces a unique output that can be efficiently and publicly verified. $$\text {VDF}$$VDFs have many applications in decentralized systems, including public randomness beacons, leader election in consensus protocols, and proofs of replication. We formalize the requirements for $$\text {VDF}$$VDFs and present new candidate constructions that are the first to achieve an exponential gap between evaluation and verification time.