Related papers: On Bitcoin and Red Balloons
As the first decentralized digital currency introduced in 2009 together with the blockchain, Bitcoin offers new opportunities both for developed and developing countries. Bitcoin peer-to-peer transactions are independent of the banking…
Traditionally, peer-to-peer systems have relied on altruism and reciprocity. Although incentive-based models have gained prominence in new-generation peer-to-peer systems, it is essential to recognize the continued importance of cooperative…
Propagating information to more people through their friends is becoming an increasingly important technology used in domains such as blockchain, advertising, and social media. To incentivize people to broadcast the information, the…
This paper investigates whether Bittensor can be considered the Bitcoin of decentralized Artificial Intelligence by directly comparing its tokenomics, decentralization properties, consensus mechanism, and incentive structure against those…
Cryptocurrencies such as Bitcoin are realized using distributed systems and hence critically rely on the performance and security of the interconnecting network. The requirements on these networks and their usage, however can differ…
Blockchain systems run consensus rules as code to agree on the state of the distributed ledger and secure the network. Changing these rules can be risky and challenging. In addition, it can often be controversial and take much effort to…
We propose DIPS Difficulty-based Incentives for Problem Solving), a simple modification of the Bitcoin proof-of-work algorithm that rewards blockchain miners for solving optimization problems of scientific interest. The result is a…
Bitcoin brings a new type of digital currency that does not rely on a central system to maintain transactions. By benefiting from the concept of decentralized ledger, users who do not know or trust each other can still conduct transactions…
Bitcoin is the first and the most extensive decentralized electronic cryptocurrency system that uses blockchain technology. It uses a peer-to-peer (P2P) network to operate without a central authority and propagate system information such as…
We present an example where a distributed coordinated protocol supported by a blockchain-enabled monetary mechanism leads to achieving optimal information theoretic degrees of freedom gains. The considered setting is that of a linear…
This paper proposes a model that enables permissionless and decentralized networks for complex computations. We explore the integration and optimize load balancing in an open, decentralized computational network. Our model leverages…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…
Decentralized payment systems such as Bitcoin have become massively popular in the last few years, yet there is still much to be done in understanding their formal properties. The vast majority of decentralized payment systems work by…
We examine a protocol $\pi_{\text{beacon}}$ that outputs unpredictable and publicly verifiable randomness, meaning that the output is unknown at the time that $\pi_{\text{beacon}}$ starts, yet everyone can verify that the output is close to…
Bitcoin is a popular alternative to fiat money, widely used for its perceived anonymity properties. However, recent attacks on Bitcoin's peer-to-peer (P2P) network demonstrated that its gossip-based flooding protocols, which are used to…
In the era of data-driven economies, incentive systems and loyalty programs, have become ubiquitous in various sectors, including advertising, retail, travel, and financial services. While these systems offer advantages for both users and…
Digital currencies represent a new method for exchange and investment that differs strongly from any other fiat money seen throughout history. A digital currency makes it possible to perform all financial transactions without the…
A cryptocurrency is a decentralized digital currency that is designed for secure and private asset transfer and storage. As a currency, it should be difficult to counterfeit and double-spend. In this paper, we review and analyze the major…
Most online lotteries today fail to ensure the verifiability of the random process and rely on a trusted third party. This issue has received little attention since the emergence of distributed protocols like Bitcoin that demonstrated the…
Ten years ago, DARPA launched the 'Network Challenge', more commonly known as the 'DARPA Red Balloon Challenge'. Ten red weather balloons were fixed at unknown locations in the US. An open challenge was launched to locate all ten, the first…